Base on Elliott wave analysis we are facing a zigzag pattern with an a-wave which is almost completed. As it is demonstrated on the chart above, in the best scenario we will have a zigzag with 50%-61.8% fib retracement for the b-wave and then 50%-61.8% fib extension for the c-wave. On the other hand we may have a zigzag with a very short b and c waves that it doesn't worth to trade. In this case we could wait for the c-wave to complete which it can't be less than 6.95 level(61.8% fib Retracement of a-wave) and then go long.
