- Wait for confirmation candle!
Thoughts & Ideas...
- Analysis - looking for a new to form as 5 waves have been completed followed by a corrective wave.
- - formed a with D point at peak of trend before market pushed down.
- - we are looking for price to hold at .382 and retest, showing a confirmation candle for a long (buy) order.
- Price action analysis - if price breaks through .382 line and support line then the continuation of a downtrend to follow. A confirmation candle will identify which way the market intends to go.
Conclusion - wait for price to test/retest support line before entering a buy order.
All the best!