Sorry for the messy chart - I haven't cleaned it up yet. But you can see how prices rejected near the channel. I'm not advocating that we are in a 5th wave lower, but to gain a sense if the wave labels make sense, try the channeling technique to help frame the prices bettter.
Then, once it appears wave 4 finishes, redraw the trend channel connecting wave 2&4. Clone that line and place at the end of 3 to offer a projection of wave 5. The GBPUSD daily chart below is a great example of that.