To decide how to proceed on intraday trading, I usually see the bigger picture. Let's do it with me.
8hr chart demonstrates the wave structure for last three months, so we see clear uptrend. After market has formed Wave 1 and 2, I put the Base Channel on the Chart*
The base channel contains the origin of wave one, the end of wave two, and the extreme of wave one.
The base channel is most important, because it defines the trend.
Please find my educational post about Base channel:
And this is just an example how I use it in my trading and forecasting
Currently we have nice bounce Wave 4 at the area of Base channel. Wave 4 looks like correction.
Thanks for your attention!
Thanks for your reply.