As per my EW count, we are in the 5th wave of highest degree in the Monthly/Weekly TF. The 5th wave is subdivided into 5 waves of which we are in 3rd wave. The 3rd wave is about to competed by prices falling down to form the 5th of this 3rd wave.
As per EW theory on channelling, the Corrective wave IV has a zig-zag pattern being formed has a c leg remaining to touch the upper TL thus completing wave IV. This will follow the Wave V upto the lower TL which is just about same length as Wave 1 (EW theory of equality).