The drop from the Oct. 7 high of $3.99-3/4 consists of five waves, with the final wave labelled 5 unfolding towards $3.75-1/4, the 61.8 percent retracement on the rise from the Sept. 4 low of $3.60-1/2 to $3.99-3/4.
Resistance is at $3.84-3/4, the 38.2 percent retracement, a break above which could signal the completion of the short downtrend from $3.99-3/4, and the 23.6 percent level at $3.90-1/4 will be approached.