That strong drop looks like a textbook wave 4 of ( C ) of ( 3 ) up.
You can study that specific wave in my Pro Video course.
Normally, that sharp drop comes as a monowave without any (a)-(b)-(c) subdivision.
In majority of cases it retraces from 33.3% to 41.4% of the preceding wave 3 up.
In this case it has retraced 50%.
That is an ideal spot to turn up. The next wave 5 of ( C ) of ( 3 ) u should push price to a new higher high.
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