The support is identified as the 50pc projection level of a downward wave C from $1,951.
This wave has a minimum target at $1,653.
The sharp fall on Oct. 11 high of $1,754 has almost reversed the bounce triggered by the support.
This reversal signals a continuation of the wave C.
A rise above the Aug. 29 low of $1,734 could signal the extension of the bounce towards $1,767.