In the last XAO update the view was for a decline to finish wave 'b' of a flat before an upwards climb back up to the 4400 region to complete wave 'c' of the larger wave '2'. This market action is playing out as described (so far) and I will assume because wave 'b' retraced 85% of wave 'a', then there is a good chance wave 'c' up will retrace almost all of wave 'b' and hit 4375+.
It's also interesting to note how the MSM are reporting the latest declines - when in doubt: pick a country and the headline will read something like "Market falls on Greece worry". When the market turns up the next day - "Investors have high hopes for Greece". Pure rubbish.