The rebound has adopted an "a-b-c" corrective wave mode, with the wave "c" having travelled approximately the same distance as the wave "a", as indicated by a Fibonacci projection analysis.

A Fibonacci retracement on the fall from $9.23-1/4 to $6.39 also reveals a strong resistance at $7.81, the 50 percent level, which helped trigger the current fall.

A rise above $7.74 will violate the bearish outlook.

Copyright Reuters, 2011