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This, we think, could lead to a correction in key commodities like oil, copper, but even potentially precious metals, where a lot of people have been hiding, like gold and silver.
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The correction will not violate the key 61.8% support or resistance level before the market again reverses direction.
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The key is to determine when a market correction provides opportunities and when it fails to cause prices to fall enough.
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So far, the decline from the February highs looks like a correction, not a significant top, which makes watching the key support levels quite important.
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Troubling technical signals appear to be confirmed by recent movements in key sectors, driving up the possibility of a deeper correction ahead.
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It will be of interest to readers that Wave C was exactly equal to Wave A. Once again, this fits in with the Elliott Wave theory that says alternate waves in a correction tend to be related by a Fibonacci ratio, and 100% is a key number.
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Two founders of a new Russian opposition party have been barred from leaving the country for six months, after court officials ruled that a correction they were ordered to publish did not have a large enough headline and was missing a key word.
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