This is the third wave of a five-wave cycle that started at the Monday high of $7.34-3/4. It is the most powerful wave among the five waves, and is capable of travelling 1.618 times the length of the wave i, to arrive at $6.91-1/2, the 161.8 percent Fibonacci projection level.

A rebound from the current level will be weak, to be capped at $7.08.