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These resistances are identified respectively as the 76.4 percent and the 86.4 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the March 1 low of $1.1940.
This wave failed to overcome the barrier at $1.6705 at its first attempt on Oct. 28, however, it may succeed this time, after an accumulation of strength. A drop to $1.64 could be extended to $1.6150.