The pullback in wave ( b ) down should be structured as a-b-c. We can count a down, b up. But the final decline in c down looks incomplete to me. The low it made at 1,566.90 at 11:50 AM looks like the bottom of micro wave iii. And subsequent pullback may be counted as a corrective wave iv up. This bearish count implying another drop in wave v of c is valid as long as it stays under 1,592. Even we we get a move targeting a lower low at 1,558-1,552 it will be difficult to say whether wave ( b ) down will be complete. That a-b-c down (black labels) could be only the first leg down needed for a large wave ( b ) down to complete. That wave ( b ) is a bearish reaction to the rally in wave ( a ) started at the low of 1,497.40 made on 25 March 2019. Normally wave ( b ) would retrace 50%-61.8%-76.4% of preceding rally in wave ( a ). In this case 50% retracement = 1,552, 61.8% = 1,539 and 76.4% = 1,523. If you come back to the upper chart with the Model fractal you will see that I showed two potential positions on the model. Again the red wave a of ( b ) is itself structured as a-b-c. Most likely we are about to complete only that first leg down in wave a of ( b ). And after a corrective wave b up we may get another stronger decline in wave c of ( b ). That c of ( b ) should be a stronger decline because it should be structured as a clean five wave down fractal in comparison to that a-b-c overlapping structure we have been witnessing this week.