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.
The current decline in the market value of Bitcoin is really a sign that the markup is not valid is one has to analyse based on technical aspect of the market. Well, i don't see as very bad though because it creates an avenue for people to invest in Bitcoin at the cheaper rate.