The correction is a three-wave cycle, with the third wave labelled c consisting of five smaller waves. This cycle is a part of a bigger uptrend that developed from the Oct. 14 low of $4.32.
The uptrend counters a preceding medium-term downtrend that started at the Aug. 26 high of $5.08-1/4 and ended at $4.32. It has a minimum target of $4.61, the 38.2 percent Fibonacci retracement on the downtrend.
A drop below $4.37 could be extended to $4.32.
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