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The support is identified as the 23.6 percent projection level of an upward wave c from $8.37-1/4. This wave peaked around a falling trendline. The subsequent deep drop, along with this intact trendline, suggests a continuation of the downtrend from $9.22-1/4.
The bounce triggered by the support at $8.47-1/4 is so weak that it failed to extend above an immediate resistance at $8.53-1/2.
With this bounce having almost been reversed, the downtrend could have resumed.