Scenario 1: This downtrend is currently subwave 2 retracing of the bigger WAVE 5 and our target of 9600 still stands. HOWEVER we would need to break 9k on subwave 3 in order for this to happen, which we have had several rejections at already
We have a failed WAVE 5 as we can not break 9k, therefore we will further correct down to 8100/7600 ish as highlighted on my chart. This will be a double correction and if things do not pick up we could see a TRIPLE correction after this
Both scenarios are possible in my eyes so just be careful guys!