TOPGLOV : the return of bulls? (Short term - Wave analysis)

We recently received a question from a follower regarding our previous wave analysis on TOPGLOV posted on 25/04/2021 as to whether wave (ii) has completed. We did another wave counting today on a 1hr chart and found out that TOPGLOV is working its way down to complete wave a of a larger degree wave (ii) which means the correction has not ended. On the 6th of May we saw a gap down in price which could be a measuring gap signaling that the down move is still halfway from its end. Although on a daily bar chart we see an outside day closing (not shown here, please refer to daily chart), the bar failed to close beyond the upper border of the gap which now acts as a resistance. This implies that the downtrend is still intact and price is not ready to reverse. The low of the current pullback is resting on 61.8% fib retracement level from the length of wave (i) which could act as support. Provided our wave counting is correct, we are cautiously bearish on the short term outlook of TOPGLOV. We would exercise patience and let the correction run its course first before drawing conclusions. However, we do not dismiss the possibility of a move higher after wave (ii) is completed and thus will continue to monitor this stock for signs of bottoming. Nevertheless, our analysis is void if the retracement moves beyond 100% of wave (i) in which one of Elliot's rules has been broken: wave 2 never moves beyond the start of wave 1.