I was thinking it could. But my mentor who teaches me about Elliot waves told me that this down was supposed to be a wave 4, but one that went too far south. Meaning it broke pattern due to news and never went back to its original postion. So if you do trade it... trade with caution like you said. He said it was best for it to either complete a new 5 waves or make a visible correction, THEN trade.
Simply put... TRADE WHAT YOU UNDERSTAND and YOU"LL TRADE WITH CERTAINTY!
Hey there, I trade using support and resistance lines, aim for a 2:1 and it seems to work brilliantly. I went for price action to give me a reversal signal on the support or resistance, a signal such as an indecision candle, I skip through time frames in order to find these. Best of luck with trading Elliot waves and thank you for your comment :)