The rebound from the Nov. 21 low of $1,665.88 peaked at $1,754 on Thursday, around a strong resistance at $1,764, the 61.8 percent Fibonacci retracement on the fall from $1,794.99 to $1,665.88.

A Fibonacci projection analysis of the wave "C" target points to $1,722, the 23.6 percent level, while the downside could be easily extended to $1,702, the 38.2 percent level.

Eventually, the $1,665.88 level will be broken below over a longer period.

A rise above $1,754 will be capped at $1,765, a 76.4 percent Fibonacci retracement.

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