The range is between the Monday low and the 61.8 percent Fibonacci projection level of an upward wave c, which is the third wave of a three-wave cycle developing from the Oct. 12 low of $2,338.

Since $2,338 and the Oct. 29 low of $2,343 are almost at the same level, the cycle may take the shape of a triangle, or a flat.

A triangle would mean the wave c may stop either at $2,459 or at $2,487, while a flat indicates a higher target at $2,531.

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

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