The Chart is self explanatory.
The 5th Wave is the largest one, & as per the theory, if the 5th Wave is the largest, it retraces up to 61.8% of the 5th wave.
The target at 61.8% comes to 8900.
As per me the Wave started from early 2012 and completed recently in 2019 July, so it took almost 7 &1/2 years for the completion of the big wave. So it might take around 3+ years for this down wave to complete.
Flat Waves - are bit different, the B wave have a tendency to retrace up to 90% and in some cases up to 123% - 138% of Wave A, new high or nearer to new high can not be ruled out.
Waves structure is mostly to guide us through rough times. As of now, what I can see is completion of BIG WAVE structure, and then the impending correction.
Which suggests, that I wont be aggressively long in stocks.
Hope this helps.