Per the long term chart, we are approaching Wave III. EW rule states that wave IVs often retrace to prior wave 4. This this case wave (4) as shown in diagram below. If this is true, we should expect $2,000 to $2,500 range.

What would cause it to go below $2,000? Anything. In fact Wave IV can go as low as where wave (1) resides and still be valid. It would be invalidated if it equals or lower than wave I.

Now wave II was a nice looking abc zig zag and the rule of alternation states that if wave II was a zig zag, then wave IV will most likely be a complex correction (XYZ type).

You might want to consider reading about Elliot Wave on the internet or get Robert Prechter's book at www.elliottwave.com but don't subscribe to his newsletters. He makes terrible calls.