The current correction (Wave 4) can last for a while.
The current correction (Wave 4) needs to be above the high of Wave 1 (6400) levels.
Reason: Impulse wave rules -- Wave 4 should not overlap the price range of Wave 1
What about alternation rule. Between waves 2 and 4 one will be zigzag/sharp and the other will be sideways/flats. The wave 2 marked by you is zigzag and sharp, corrected more than 61.8%. So wave 4 should be sideways. But the wave 4 shown by you also is sharp. So I hope wave 4 is not finished yet and the present wave is wave A of 4 and B & C will be formed as flat or even a triangle will be formed. It is my thought. I may be wrong. Only market will decide it.
@Ravi_VP, Yes wave 4 is not finized yet, if you see my analysis its beyond the current timeline, may be i should have put in wordings. And yes it can be Triangle or a Flat. Also the rule of alternation cannot be generalized.