Subwave 4 (black)
You can see from the chart that Subwave 4 (black) did indeed retrace by 38.2% of Subwave 3 (black). It looks like Subwave 5 (black) is now forming, going up and then going down, most likely further down than the bottom of Wave A (red), culminating in the end of Wave C (red).
However, there is a probability that Subwave 4 (black) may drag on sideways a bit more, to form a triangle. In any case the market is still very bad.