It’s a bit difficult to interpret whether that would be the first wave of a rising trend according to Elliott Wave theory. If so, then the corrective wave 4 should not overlap with the peak of wave 1.
Edit: For TA (Technical Analysis), the reason behind a rise or fall doesn’t matter. It is possible, however, that the wave theory observations are not correct, so it is worth examining that case more broadly. Because of this, since there was interest, I posted an update in the TA thread.