The chart is incomplete, that is we do not know what it would have looked like if it had come into existence years earlier. We are simple guessing that the $23 high was the end of a 5-wave sequence of some sort, but un till we get overlap ( below $16) the possibility still exists that we are in a wave 4. Even so the fact that we erase 62% in a few months what took a full year to build does suggest that there was a major top. The a-b-c back up may only be part of a more complex correction but it does look counter-trend so new lows should be forthcoming in the not too distant future.