IDORSIA - Crash or mere correction?

THE PRESENT DECLINE APPEARS AS REGULAR FLAT
Idorsia is again in the news because it fell 21% from the peak of August 5, at 3.53. This decline is shown on the chart below. I think that the decline is wave “c” of a FLAT correction a-b-c, which began on July 31, at 3.625.
Wave “a” was traced out from the high of July 31 at 3.625 to the low of August 4, at 2.965.
Wave “c” is equal in length to wave “a” at 2.866. It will be 1.618 times the length of wave “a” at 2.4560.
There are a few minor supports at 2.80, 2.7450 and 2.70. But, I think that Idorsia could decline to the range 2.50-2.4550. Thereafter, the uptrend could resume. Or the, Idorsia could enter a sizable rebound from this range.
Traders could again SELL if the supports at 2.7450 and 2.70 are broken.
LONG-TERM INVESTORS SHOULD SELL IF 2.45 FAILS TO HOLD.

In the next chart below, I place the current correction in the context of the uptrend from April.

The chart above shows the correction from the July top.

SO FAR, THE PRESENT CORRECTION APPEARS AS NORMAL 38.20% RETRACEMENT
The chart below shows the rise of Idorsia from the April low at 0.851 to the peak on July 31 at 3.625. This was a rise of 326%. The support at 2.56 marks the 38.20% retracement of the April to July rise. Moreover, the low of July 30 at 2.52 also marks a most critical support.
Following the rise of April to July, the present correction is seen as normal correction within a long-term uptrend. HOWEVER, if 2.4550 fails to hold, then I foresee more weakness to 1.9050-1.7650. This means that long-term investors should SELL if 2.4550 is broken.
Presently, I am watching the test of the support range 2.80-2.70. If a rebound starts from this ley range, I will analyze its structure and assess the long-term outlook. Or else, I will see the test of 2.5440-2.4550 and the watch if a rebound starts from this level.
GIVEN THE 326% RISE, YOU MAY WANT TO TAKE PROFITS ON YOUR POSITION. Be aware, that if there will be a resumption of the uptrend above 3.60 and towards 4, there will be plenty of time to buy again.

The chart above shows the rise of Idorsia by 326% from April to July.