This is the third of a three-wave cycle that started at the Oct. 5 high of $1,795.69, unfolding towards its 100 percent projection level at $1,750 and a break below which will lead to a further loss to $1,739, the 138.2 percent level.

Rebound from the current level may be limited to $1,770, a rise above which will make the signals neutral.

No information in this analysis should be considered as being business, financial or legal advice.

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