The market is currently in a complex correction which carries or bears three wave structure (WXY waves). As we see, wave X is about to be completed on only if the red line gets broken below. The last wave which is the wave Y is set to carry three sub waves with the 5-3-5 formation of its sub waves.
COMPLEX CORRECTION - WXY WAVE W - 5 WAVES WAVE X - 3 WAVES OR TRAINGLE WAVE Y - 3 WAVES