We sent out a Tech Flash yesterday to highlight a prospective wedge break and prices dropped accordingly. Bigger picture, the sell-off is best considered part of a wave-4 correction; since “4’s” are often triangles we can label yesterday’s drop wave-a of the corrective pattern. S/t, support is 108.26 offered by a recent pivot low and a late Aug uptrend. The next significant support below is 107.38. A rally through 109 can support our call for an extended wave-4 range. Conviction: Med Levels: Support – 108.26, 107.38, 106.81 Resistance – 109.00, 109.50, 110.09
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