CGC: Starting something big or the last gasp?

The Friday spike is curious. It has broken out of the balance area that the bottoming process was putting in for the last week or so, but there is going be huge resistance at about $1.18. The problem is from Elliott Wave perspective, there is no more room to go down. The low came in at $1.02 and invalidation is at $1.01. So, it is either a start of something serious crazy in the upcoming months or this is the last gasp before the downtrend continues eventually to 0...want to see a five waves up and a three waves down to get a feel for what's next.