The collapse of the price from $1,790.40 strongly indicates the development of a medium-term downtrend. The wave pattern on the 10-minute chart indicates a wave (3) has been completed at $1,687.99, and the current wave (4) will only be able to recover the preceding drop moderately, to $1,726, the 38.2 percent retracement on the fall from $1,786.35 to $1,687.99. A downward wave (5) will then start, to drive the price towards $1,687.99. No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.