zwyss - there are several valid options (including the current decline completing an Intermediate Wave C).  That's anyone's guess at this point and thus it's best to respect the trend until evidence changes.  In the meantime, look for valid trade setups (both directions).   I view all corrective moves as a-b-c  which can be composed of 1-2-3-4-5 as subwaves but overall you are still correcting against the trend upward. My advice is to not get bogged down with labeling (best used as mapping along the way) and instead respect the trend and focus on identifying valid entries via patterns, divergences, etc.   As I stated months ago, I expected the market to retrace the 2016-18 advance at a minimum and possibly the entire 2009-18 advance, only time will tell to what degree which will likely be the result of Central Banks involvement or lack thereof since Monetary policy tends to have the most impact on asset prices.   Happy New Year