it has been declining off the top of the corrective wave iv up in wave a of v. That wave a of v has a clean textbook impulsive structure.
It should retest the previous low made by micro wave iii down and then we may get a pullback in wave b up.
To start talking about a long setup we need to get the full wave v down subdivided into a-b-c where c makes a new lower low.
Again, this drop is only the first leg down in subwave a of v.