These supports are identified respectively as the 23.6 percent and the 14.6 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the Aug. 31 low of $3.44-1/4.
The unexpected fall on Oct. 2 confirms the completion of the first part of the wave C. Three smaller waves make up the part. The second wave labelled b ended around $3.49-1/2. Wave theory suggests that this level may be approached.
Resistance is at $3.52-1/4, a break above which could lead to a gain to $3.54-1/4.
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