Technical Level

The current sell-off from $1.30 to currently $1.235 should be seen as a technical correction.

The market moved from the low of $0.86 to $1.08 (wave 1) 22 cents.

The retracement moved from $1.08 to $0.94 (wave 2) 14 cents, a 61.8% Fibonacci correction.

The market moved from $0.94 to $1.30 (wave 3) 36 cents, 1.618 times the 22 cents of wave 1.

These moves are perfect Elliott Wave Theory.

We now find ourselves in a 4th wave which, in theory, should take us back to $1.16 which is a 38.2% correction of wave 3 & equal to wave 2. This 4th wave should appear on the chart to be totally different in character as wave 2. Wave 2 was a reasonably simple A,B,C zig-zag correction. Wave 4 could be a triangle, a flat or an even more complicated correction.

While that is purely theory, I suspect that opportunists will hold the price at a higher level than $1.16. Should the price, however, reach $1.16 I would suggest you put your house on it.