2 scenarios may occur.
However in both scenarios in the short term (H1 TF) it will be bearish before market mover decide where to go.
- Green Path - Bullish scenario: Assume wave Y completed then it will be make it impulse wave means now is completed wave 1, pull back to wave 2 and creating wave 3 etc.
Red Path - Bearish Scenario: If currently completed wave 4 then it will continue to move it down to form wave 5 to complete wave 2 at higher degree toward daily demand zone and/or trendline support.
However in both scenarios in the short term (H1 TF) it will be bearish before market mover decide where to go.