SHORT: Target is 40$ (BZ1!)
However:
The current wave (IV) is the next-to-last wave in general downtrend/correction since July 2008 (on monthly timeframe). Upon completion of last (I)-(V) out of last {C} the trend will change and the targets will be (80$ and then 140$)
Here it means that either (IV) or the last wave (V) will be complicated.
In other words:
If (IV) is complicated (e.g. double zig-zag) than (V) is simple
If (IV) is simple (zig-zag) than (V) is complicated (e.g. ending diagonal)
As to the current technical situation I do not see any sentiment to drop the price below EMA50 (day) and complicate wave (IV). To the contrary the price tends to 50$ (EMA200 day) and only after the price will look down to 20-s$.
However:
The current wave (IV) is the next-to-last wave in general downtrend/correction since July 2008 (on monthly timeframe). Upon completion of last (I)-(V) out of last {C} the trend will change and the targets will be (80$ and then 140$)
Here it means that either (IV) or the last wave (V) will be complicated.
In other words:
If (IV) is complicated (e.g. double zig-zag) than (V) is simple
If (IV) is simple (zig-zag) than (V) is complicated (e.g. ending diagonal)
As to the current technical situation I do not see any sentiment to drop the price below EMA50 (day) and complicate wave (IV). To the contrary the price tends to 50$ (EMA200 day) and only after the price will look down to 20-s$.