So far this wave has been very sharp and nested, so it's quite difficult to state with certainty which case it is. The most scenario would be that this big ramp was only wave 1 of the 5 waves needed to put in a 3/C. Next in line is having 3 waves up so far, with this correction being 4 and needing another high to finish. The option is the 3/C is done, and the downside should resume.
Action in the short term will be telling, as well as when the current correction finishes. This is exactly the type of environment in which the tools developed by mcm come in handy. Check out the article on dax (it is a bit old, but adds some details about how the tools work).
So far the shorter term cycles are showing downward impulses in the making. If those are confirmed on longer time frames the downside could accelerate. If you have any questions about the tools, feel free to contact me at email@example.com
Good luck out there!