Although, there are counts out there doing a big WXY , I'll be taking this large movement down on the weekly frame impulsive down and I have my reasons for that. The down move was nice and fast and this bounce has a volume confirmation pointing towards a down move.I don't disagree to the fact that this looks equally reasonable with WXY as primary but I don't buy it . Bearish divergence with RSI on weekly gives the potential down move a nice confirmation to it.
My targets for this trend are indicated by horizontal support/resistance lines below. Elonagated 1 wave means a shorter 3rd and even a shorter 5th, IMO. would be looking for a 0.618 retracement for a larger 2 up.
Remember, this is not a financial advice . So trade on your own opinions.
Thank you.