Bears are excited! Finally the market has moved and moved downward, as it often happens after a long choppy flag. We have to consider the movement to come as a run-up (down!) that comes before the market going to new highs. It may be scary and even some panic may rise, but it will take few weeks to reverse.
The model is suggesting that in 4 to 5 weeks the correction will exhaust its energy and a new positive wave will rise to new highs. Target may be very low, with even a 7% loss from current price, or a more realistic 4 to 5%.
Investors in the euro area may have a sort of parachute from the eur/usd exchange.