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If the red's fading then go for a sealant (synthetic wax) as opposed to a carnauba based wax. A sealant will generally offer better protection from both the elements and UV etc. You might not get quite the glossy or wet finish of a wax but, alot of people will use a sealant for protection, then use their wax on top.... Best of both worlds.
What you say about more glossy a wax the less protection in a very round about sort of way can be true but, I wouldn't use it as a rule of thumb.
Cheers.
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