Reason: The stair pattern continues. Sharp down-movements alternate with slow up-movements. After each sharp down movement a new low is reached. This is the pattern we have seen the last months. Typically, a period of slow up-movements takes 7-10 days, roughly, and every time people say that now we've reached the bottom. So very likely we'll see another sharp down-movement in the next few days. This will lead us in the range of around 5300-5500 USD. And then it starts over. In August we'll see sub $5000 prices. Expect this to continue for a while.