In the one hour chart I can see a very ugly looking elliot wave count of 1,2,3,4,5.
wave 2 is a very shallow retracement of only 38.2% hence wave 4 is a lot deeper.
I think we just completed wxy retracement. Now we're either heading up for wave 3.
Or maybe the whole thing is just an ABC correction, and we're heading towards C.