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The range is formed by the 23.6 percent Fibonacci retracement on the downtrend from the June 13 high of $11.86-1/4 to the Aug. 2 low of $9.43, and the 100 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle from $9.43.
Even though an inverted head-and-shoulders forming between July 25 and Aug. 14 suggests the wave c could extend to $10.64-1/2, the 50 percent retracement, a more realistic target could be $10.35-3/4, the 38.2 percent retracement, which will only be confirmed when the contract breaks $10.18-3/4.