Usually these lead to BO in trend continuation (Wave A correction) but Wave B hasn't yet broken .38 Fibo.
While certainly possible, these retraces most often yield at least .50 and usually .618 Fibos. BO down from here would be total failure.
If we get a really weak Wave B at 038 Fibo, and the downtrend continues from here, will reach panic-level selling soon.
I'm still leaning towards BO up to retest channel top, this is the natural cycle progression to establish to price .
Let's see what happens- Good luck.
Been buying puts all day. Good luck.