If the correction is not finished yet, this first 3-waver could become the first wave of a bigger correction; if on the other hand we are done correcting, the current downtrend could be:
i of 3 of V of (C) - quite bearish
i of (v) of III of (C) - ultra bearish!!
exciting times ahead
You catch on quick! That is exactly the situation. (I accidentally deleted the part about this rise being potentially a larger A wave which is also correct)
Edit:
I added the other part I was replying to.
I was on my phone earlier, so it was a pain in the butt to re-quote and retype my reply.