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These supports are at the 50 percent and the 61.8 percent Fibonacci retracements, respectively, of the uptrend from the July 29 low of $2,826 to the Aug. 19 high of $3,120.
The trend consists of three waves, and the second wave, labeled b, has ended around $2,938. Wave theory suggests that this level could be revisited. Any bounce from current level could be capped at $3,035, a trendline resistance.