The support level of $45,800 has been tested but remains firm. The next resistance level is $51,400 (the high from 8–9 September). At the moment the market seems to lack the momentum to reach the higher levels – the price action so far today suggests that $50,000 may be the near-term peak. Following the Elliott Wave analysis in our previous reports, we can read the movement between 15–21 September as the second (upward) part of a three-part corrective wave against the long-term uptrend. On balance the next move seems likely to be down, to test the $45,800 level again.
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