Assuming wave 3 is "in" (MACD rolling over, etc...) . It has already extended by almost 300% of wave 1 which is a good typical amount for an extended third (usually between 2.618 and 3 of wave one). We should be in a wave 4 correction at this time. Depending on how much wave 4 retraces we can estimate 5th wave targets (see 61.8% (typical 5 target) and 100% levels (typical level for an extended 5).... the market usually will try to bounce off the lower channel line