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The resistance is provided by the 50 percent projection level of a downward wave C from $7,064. This wave has ended around $6,555.
The bounce from the March 28 low of $6,605 looks incomplete, as it may consist of three waves. So far, only two have unfolded. The third wave labelled c is capable of travelling above $6,826.
Support is at $6,700, a break below which could cause a loss limited to $6,653.
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