If you are familiar with the Elliott Wave Theory then you will know that fourth waves can be very tricky, because there are many different patterns available, like flat, triangle, zig-zag, or maybe even combination between them. However, the most common structure on the markets is a zig-zag. A zig-zag is a three wave pattern, labeled as A-B-C that occurs against the primary trend. As such, we will focus on this structure for now, which means more downside could be seen in the next couple of days, possibly even back to $93-$94 zone; 38.2% retracement and base channel supports as shown on a daily chart below.