This wave could extend a downtrend that developed from the Oct. 3 high of $1.8545.

A Fibonacci projection points to a target at $1.5195, the 38.2 percent level, a break below which could lead to a further fall to $1.4860, the 50 percent level.

A rebound from the current level may be limited to $1.60 due to the strong bearish momentum of this wave.

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