Well, it was in the charts already anyway… that’s where all your answers lie if you want to know what price will do next. A month ago I already pointed out what the preferred target zone would be, and I really hope that anybody who was long took profits in that area. Price hit it perfectly and has since reversed in a dramatic fashion, dropping 27% (!!!) in a matter of 2-3 days. Price also invalidated the possible options that the yellow b-wave up was a wave 1, since price has now traded below the beginning of yellow a. Hence, price is now in a c-wave. C-wave are vicious waves and you can see that clearly. I expect price to find ultimately support in the $8-$10 region: a 50-62% retrace of the entire five blue primary waves up, which is typical for a 2nd wave.
Given that price is now at the 38.2% retrace and way outside the lower bollinger band, we can first expect a bounce, IMHO.