Open Text has followed our script rather precisely, please see previous blogs. We have a nice initial 5-waves down and have nearly completed the first retracement. This may go as high as $65 but we would certainly not wait un till the last moment, in fact we really would not wait at all! From here, or a little higher, we expect wave 3 ( or C) to start and drop towards the wave 4 level of previous degree, that is to about $25. That could be all there is if this is an A-B-C zig-zag correction. However it could also be just part of an initial 5-waves down for a much larger A. In practical terms you do not want to stick around for a $40 drop.