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The support was provided by the 38.2 percent Fibonacci projection level of a downward wave C, the third of a three-wave cycle that developed from the June 20 high of $107.73.
The next support will be at $86.25, the 50 percent level, a break below which will led to a further loss towards the 61.8 percent level at $84.21.
A break above $88.29, now a resistance, could mean a further gain to the 23.6 percent level at $90.82.
The views expressed are his own.
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