We can argue that this fall is an impulse or a simple zigzag, but what we must be agree is that this have more to fall because:
Even in the case of a zigzag, the most near relation with the A wave (assuming is just a zigzag) is the 161.8% of A and therefore the 1167 is the MINIMUM fibo target at this point.
In the case of an impulse this target becomes the minimum for just a wave 3) and will have more fall to come eventually.
If we observe the short term we have 2 alternatives, the red one seem more probable for the big retrace from the last lower low.