The sharp retracement during the previous trading session is labeled as a wave "4", and has found a support at $1,859.24, provided by an ascending trendline passing through the presumed wave "II" and the wave "2".

An upward wave "5" will push the price up to the wave "3" peak at $1,920.30.

A fall below $1.858 will extend to $1,826.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Copyright Reuters, 2011