After forming a first down impulsive movement, the price has formed an expanded flat. You can discard other kind of counts like a zigzag in the first part of the decline because after it's bullish rebound the price descended in a zigzag fashion pattern and there after the price get new highs from the last lows.
After initial pullback that could be deep, this could send the price to a minimum at least of 1228 but if the price ends to be impulsive (you'll can tell because the base channel will then be broken to the downside) it could get much lower.