The resistance is provided by the 100 percent Fibonacci projection level of an upward wave c, which is the final component wave of a wave (4).
The failure has confirmed the completion of the wave (4), which will be totally reversed by the current downward wave (5).
A rise above $4.99-3/4 will signal the extension of the wave (4) towards $5.08-1/2, the 50 percent Fibonacci retracement on the drop from the July 11 high of $5.63-1/2 to the Aug. 13 low of $4.53-3/4.
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