By
These resistances are identified respectively as the 100 percent and the 114.6 percent projection levels of an upward wave C from $4.57.
This wave was disrupted by a correction triggered by the resistance at $5.17-1/4. The correction seems to have ended around $4.97-1/4 and the wave C resumed.
A break below $4.97-1/4 could cause a loss into the range of $4.83-1/4 to $4.89-1/2.
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