Assuming all that point to $1.5 is a complete cycle wave 1 and we are already in a 1-2/1-2 on the journey $4-6 on the short to midterm bull run.
The chart is quite self explanatory. for this scenario, wave 2-blue could end at this moment and the bull run begins or we get a deep retracement to the 78-90% Fibonacci level. However price can't price touch the previous swing low (invalidation level)