Nasdaq taking the lead in correction

On Wednesday Nasdaq closed with 51 points down (2.9%) that confirmed that the market is in a higher degree correction, it also means that the option of a wave (I)-(II), 1-2 formation as shown below is unlikely simply because with the 51 points red candlestick, the lower degree 1-2 is now bigger in magnitude than the higher degree (I)-(II).
The above two indicators have shown clearly that the current correction, which is in its fifth days is of a higher degree correction, the indicators have never dropped that low since the beginning of the run up in March. I expect the indicators to move side way at the base through out the entire correction phase.

With the wave (I)-(II), 1-2 out of the way, Dow is either forming a 1-2-3-4-5 wave (I) as shown above (and it is currently in wave (II) correction that can last another 10 to 15 days for a simple a-b-c, or it can last longer if it goes for a-b-c-d-e formation) or forming a (I)-(II)-(III) waves as shown below.
This wave (I)-(II)-(III) is very bearish, as I have explained in my May 7's post under possibility 3, Dow can drop until the March 2009 low of 6,547 for a possible double bottoms formation or can be lower for major wave (7).