Cardano can be in a possible bigger, five-wave drop to the downside from the 1.263 lvl.. We labelled higher degree waves i and ii as completed, so latest price activity can be a red wave iii from the 1.225 lvl., which means a five-wave sub-structure must unfold within it: blacks sub-waves (i), (ii), (iii), (iv), (v). At the moment even a lesser degree blue sub-wave iii can be unfolding as part of black wave (iii), and can be targeting the Fib. ratio of 1.618 (1.030/1.020 area), where blue sub-wave iv can start forming.