The general idea that that market is getting ready for a broad C-wave up to at least 7.6200 (C = A) on higher scale is still our favored one as we have already seen a whole row of higher lows since the April 2011 low was marked.
But in the early stages of a new and broader up-trend markets tend to form so-called sub-counts whereas each bullmarket impulse gets retraced by 76.4 % before acceleration up sets in.
That said we have to watch the support zone between 6.6509 and 6.6264 (minor 38.2 %/pivot) carefully as the latter would provide a new base in case we’d only be dealing with an internal 4th wave setback. .
If 6.6264 would be taken out though we’d have to be prepared for a deeper 2nd wave setback to 6.4299 (int. 76.4 %) whereas a break above the last top at 6.7683 would give room to extend up to 6.9032 (c = a)..
JPM