Red - the ABC correction from the all time high is already over, and we are currently in wave 2 of the next 5 wave impulse, shortly to commence wave 3.
Blue - the ABCDE correction is still in progress, and we can expect a lower low. (can still breakout of ABCDE correction early even if it is in play)
Fib retracement levels from zero to the ATH put the red route ABC retracement at 0.618 and the blue triangle ABCDE retracement at 0.786, both very normal for elliot wave 2 correction.