We are coming to 0.382 fib level of a very strong impulse which can qualify as wave 3.The 0.382 level is the most common level for wave 4 with respect for wave 3. Moreover, there is structural support from previous resistance there which would act as support now. A tight stop loss is advised for the initial buy.
We can project the wave 5 target from wave 3 which comes to around the 9000 level region which is almost 20% from where we stand now.