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The support has been identified as the 114.6 percent Fibonacci projection level of a downward wave 3 which started at the Dec. 1 high of $69.54. It is the third wave of a five-wave cycle that started at the Nov. 21 high of $77.83.
The next support will be at $52.10, the 123.6 percent level, a break below which will lead to a further loss to $50.04, the 138.2 percent level.
A rise above $53.77 could be extended to $54.31.
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