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At this point the structure off the low we made yesterday does not let make a reliable conclusion to whether wave iv down was completed yesterday or we still should see another decline in that expected wave c of iv down. The drop yesterday looks impulsive. We can be sure it was a corrective wave iv down. Then in ideal world it has to be subdivided into a-b-c.

Moreover, the reaction off the low made yesterday looks corrective. It is a clear micro a-b-c up which can stretch higher. It can even to retest the top made yesterday.

In cases like that you’d better sit on your hands. If we get a nice a-b-c of iv down you may consider going long. If it keeps moving higher we will focus on counting micro five waves to nail the top of that large wave A. This is actually what I am going to do. I will be patiently waiting for price to arrive into my target red completing the required micro structure.