We are looking at a possible short term rally to $270, targeting the 61.8% retracement
of the late August drop over the next week. To the right of the chart, the first Fibonacci levels represent the extension of Wave (A) to estimate levels for Wave (C). The second scale represents the extension of Wave 1 of C to estimate the levels for Wave 5 of C. It's possible that Wave (C) will be topping just under the $273 mark as the 1.618 extension
of Wave (A).
breaks through the $273 mark, the next resistance will come at $292. If, instead, the resistance holds, we will resume the downtrend into possibly the last impulsive downmove as a larger degree Wave C of Y of the full 2+ years correction which will lead to double-digit figures (yes, you read it correctly).
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