Yeah, why not? it is already at around Fib 61.8
If it goes down much lower, than it is a longer term bear market, not a 4.
If 7600 is A, then B is higher (to around 14K), then C (back to around 8k ), then much higher to wave 5.
I am really confused, ML said that the "historic 3" has ended, he even changed the name of the community to "witnesses of 5" (was 3 before), during the dump to 7.7 he said that it is nothing in comparison with the next correction. So it seems that he thinks that the 2015-2017 bull market has ended. Elsewhere on the side he said he thinks 4 would last only a couple of months, would be strange for a largest scale bear market, the previous one was almost 2 years.
If the dumps end here, in his red circle, and we go up within a couple of months (which I hope), I do not understand why to say that the historic 3 has ended? Then rise to 19k would be just (3) of 3, and the current correction (4) of 3.
Is the reason ML says historic 3 has ended is because we hit, or even went below, 61.8 Fib? Anyway, his current count seems less logical than all his previous ideas, I still think he may adjust it.