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The drop from the Nov. 3 high of $2,769 could be divided into five small waves. This structure signals the downtrend could be over. Further indication is given by the bullish divergence on the hourly RSI which confirms the exhaustion of the trend.
A Fibonacci retracement analysis on the trend marks a resistance at $2,485, the 14.6 percent level, a break above which could lead to a gain to $2,515. A drop below $2,436 may be extended to $2,400, as suggested by a falling channel.