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yes very probable....
I always like to look at the moves versus the last swing, so on the weekly I currently see that the correction of 1.493x to 1.204x maybe complete given that it has reached the probable target zone and has now dropped below point wA and if not complete then still correcting rather than trending as emphasized by the overlap (the drop below wA).
So on the weekly I am expecting downside tests and 1.266x is the wB low and the next test level if it pushes below that then the whole zone 1.266x to 1.204x opens up.
We will only know for sure that the correction is over once 1.204x or 1.493x is breached which could be a while and how many internal swings it takes to achieve it has yet to be decided