1- We may be near the end of a double correction as shown here. What would be expected in this case is for price to reverse sharply between 2847 and 2873 (this is the 100-123% extension for the double as shown). For this scenario to be valid price must not exceed 2895 level. For the time being price has validated the blue and a short trade should not be taken before this is broken
2- There is the possibility of developing a triangle before resumption of the uptrend. This would allow for the 2895 level to be exceeded as part of the triangle.
3- The possibility of developing a before resumption of the uptrend. This too would allow for the 2895 level to be exceeded.
4- Complex double and triple threes are also possible at this juncture.
The safest way to trade given the multiple possible EW scenarios, is to rely on the . For example price is currently following this blue nicely. It would be interesting to see if price bounces off its or zooms through it to higher levels. A long trade is possible with a stop loss below the 0.25 quartile where price has found support, and a short trade is also possible once price breaks the lower parallel if it does break it.