A fall below $ 7,950 on the bitfinex will make it clear that the markup is not valid, because wave 2 can not fall below wave 1. This will be very bad.
I don't see that falling of bitcoin is a bad sign, it only means that market is giving as the chance to invest even harder. There are people who are being late on investing and the value of cryptocurrency today is really expensive so it will be just fine if the market will dump the prices in order for other consumers to invest.