In a perfect world we make our way higher here to complete a larger correction, before running lower for quite some time/price
Komen:
To elaborate the yellow pen 5 wave move is the 3rd wave of the black 5 wave move, that is completing the green WXYXZ wave, which is completing the C leg of the pink ABC corrective wave to the upside, which of course, in turn, completes an even larger fractal 4th wave, setting up a final push lower.
Komen:
typically want to see the 1.618 extension come in, but this could be done and looks valid for the continuation short
Komen:
could hold and run lower from here, otherwise the main idea here is likely to happen at very least, if not higher