In the large time-frame the marker direction is obviously down. The second motive wave, i.e. wave (iii) which lasted more than 2 weeks is complete, now the market is in correction stage forming wave (iv) which should ideally last a week or two. It has corrected ~25% of (iii) in a shape of 5 waves, that actually means the most likely scenario for the wave (iv) is to form zigzag w-x-y. So now I am expecting 3 waves down to form x-leg, with target 0.61 of wave-w or even deeper, following 5 waves up for wave-y.