The wave 2 correction formed where the C wave was 1.318 times wave A. That is a classic corrective fibonacci extension
ratio. So The confidence that we may have been in a correction till wave 2 is agreeable. Since then we have seen a 3 wave move to the downside suggesting that it is an A wave formation. We can see prices go up in a very fast way (Since wave (i) was slow) and a move down can be expected from the resistance levels.