New Price Level for JCP?

The chart assumes a LT upward Elliot Wave trend, beginning at ER 1 to the present. I expect the corrective wave following impulse wave 5 to retrace p back to around the .61 retracement, but under the .786. Or does wave 4 actually end at the gap down, with impulse wave 5 just above the .5 retracement? This would bring p currently to the midst of wave b of a corrective wave.