CORRECTIVE CHANNEL - RENUSD

"Zigzag corrections often form channels with four touch point. One line connects the starting point of wave A and then end of wave B; the other line touches the end of wave A and end of wave C. Once the former line is established, a parallel line drawn from the end of wave A is an excellent tool form recognizing the exact end of the entire correction."

- Frost and Pretcher


Looks like a zigzag correction. It may be in a longer 3rd wave than that. But I think the range where the 5th wave will end will be around the bottom line of the channel and the purple box.