Additionally, Waves dictate that the first wave should have 0. . 80% of the time. So far we had only 0.3 retracement, not even reaching 0.382, which makes me believe that the first wave still has not finished. There are scenarios where we are not even inside a wave 1, but rather wave B and will continue to new lows later, but so far it's too early to talk about them, let's assume scenario.
Shorting from here and then longing from 0.382-0.5 retracement @ $650-600 seems to be a good idea.
Apart from reaching for the log trendline we also have a whole bunch of historical resistance in the zone $775-845.
It's hard to place a stop but $900 can be one (that would be above most of these resistance levels).
Target 1: $650 ( )
Target 2: $590 (0.5 retracement, is also a great place to get a long)
On short timeframe bulls are gaining momentum. If you want to play safe, take profit now. I closed my short but left some buy orders lower to go long if we go lower.
Now, having a long from here and then adding more if it goes to $545 is a good idea.
If you don't feel bullish, then at least closing the short here should be a good idea. 37% is a good profit (was 24% at target#1).