Some people may call this a bear market but it is early days. w-x-y is a complex correction where each wave is 3 waves. The alternate is a-b-c- which is 3-3-5, a flat except that flats are more sideways in structure. In either case we are near the lower end of a falling channel that needs to be watched for an end point to the correction along with the 18-20 reading on the hourly RSI