By our view, the pattern that is forming here, on 4H chart should provide clarity on further direction. As market has turned to upside action,
we adjust the neckline and make it sloped a bit.
Now market is forming upside AB-CD action, which target coincides with 5/8 Fib . This Agreement could become the top of right arm. Although we do not care much where top will be - either at OP target or slightly higher, with harmony with left arm. We're mostly interested in what will happen right at top. failure means action to 6500 while, validity means drop to 4600 area and completion of daily "222" Sell pattern.
It means that if you want to go short - best area is the top of the right arm. It doesn't guarantee success, but it provides best entry point with minimal potential loss and best risk/reward ratio.
For bulls - it would be better to wait clarity with , particular speaking - its failure. Otherwise, taking long position while is still forming is rather risky and could be expensive journey.