There can be a good discussion on whether the fall in the Dow counts as 5 waves so far. But on the hourly chart below I can do it as shown. The bounce so far is 3 waves but only at6 50% retracement. So 61.8 or 78.6% near the wave iv high cant be ruled out. This could very well be only wave 2 up before wave 3 down starts. If the wedge is truly broken that is what we should expect.