This will either now become 1-5 of a larger wave structure or simply fall down to lower lows creating an X wave. We will have to re-assess as time goes on. For us to remain , this whole structure would need to pull back to the 0.618 line or above. Anything below this would show weakness.
As a side note: Alts have been beat up even though BTC has been rising. I think people may now sell their btc positions and go in to alt coins as they are severely oversold.