The completion has been indicated by the duration of the correction from the Oct. 15 high of $1,249.30, which is not supposed to be so long should the preceding short-term uptrend remain intact.
A Fibonacci retracement analysis on the rise from $1,183.46 to $1,249.30 reveals a support at $1,234, the 23.6 percent level, which has temporarily held the fall.
Strategically, a drop to $1,231 will signal a break below the support and the 38.2 percent retracement at $1,224 will be targeted then.
The views expressed are his own.
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