Good chart and I think this is exactly what happened. However, I think the correction is over now above Wave 4 as RobDay said and we are ready to go up again. Also, the volume was very low on the correction, which is a good sign, very strong fundamentals indeed.
I also charted something up very similar to this. Usually the correction comes down as far as Wave 4 so set your buy areas at that level. However, I'm thinking it will bottom just above Wave 4 due to the fact that this coin is so bullish this month with the Fundamentals.