I think the downside wave is finished, as wave 5 reached the of wave 3 perfectly. If price in the next few days breaks above upside wave 1 I think it is a great time to go long, because wave 3 is usually the strongest and most impulsive wave.
The downside wave 5 also hit and bounced at the 200 weak moving average and the yearly S1.
Targets for this long trade is drawn on the chart.
Invalidation of this trade is the break down of previous low ~37
Stay safe traders!