So I figure a good trade set up confirmed with a few other things would be at the 23 fib (red horizontal line). Failing that, the next fib support comes in at 1.6155 ish . The multi-year comes in at approx 1.6155 so it is unlikely (not impossible) that PA will fall below the 0.382 fib level for this W4. PA could test this level however.
W2 was a 50% correction so in my opinion its harder to tell where W4 will end. If W2 was a deeper correction it would probably give more credence to a shallow W4. Anyway... target wise for W5... as W3 was extended, we can work with W5 = W1 or a fib multiple of W1 such as 1.382 or 1.618. Therefore around 1.7 is a decent 1st target and then monitor from there.