Subwave N°1 of the last 5 impulse waves down completed.

A 1:1 extension would bring us to 7k7 for the thirth wave, which is a safe target to close your short if you want to play the pullback.
Note that the 1.618 is on the FW's support. It could go this deep but we don't really want that.

I suspect wave two to be completed, but if it's not the case, I expect a bounce to 8.275 on the 0.382 at best.