GBPUSD 120 chart

Here we see price is moving in bear market, so in this elliott wave setup we see price is in progess to complete large degree wave 3 (intermediate wave) and tthese intermediate is moving in a correction wave structure 5>3>5 as elliott wave theory describes them, therefore we expect price to reach 0.618% in fibonacci extension level (blue line) but before that it may have a 3 wave correction ABC before bounce to the 0.618%......Goodluck