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The strength of the rebound from Thursday's low of $1,521.94 signals a temporary bottom could have formed. This is confirmed by the completion of a five-wave cycle, labelled as "a-b-c-d-e", and the bullish divergence on the hourly MACD indicator. A Fibonacci retracement analysis on the fall from $1,802.60 to $1,521.94 reveals a target at $1,588, the 23.6 percent level. No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.