We are at the place here and now, where it could be a completed , or a completed 123 on the hourly chart. We will look for clues in the coming day or two to determine if 5 waves develop. We need more than just 5 waves, however. A higher degree correction will need in addition a 3 wave retracement ideally 2/3 in nature, following by another 5 wave move to new lows.
The daily and weekly charts are not really showing a substantial enough correction yet, in my opinion. My bias remains to the downside in the coming 1-2 weeks.