The drop from the March 3 high of $3,038 is apparently against the short uptrend from $2,924. A Fibonacci retracement analysis on the trend reveals a support at $2,994, the 38.2 percent level, which may not hold the drop, as this drop consists of three waves.
The third wave labelled c is expected to travel a similar distance as the first wave, to arrive at $2,981, the 50 percent level. However, the wave c may extend as well, to arrive at $2,968, the 61.8 percent retracement.
Resistance is at $3,011, the 23.6 percent level, a break above which could signal the continuation of the uptrend towards $3,038.