It is unclear for now whether wave 4 is already in place or whether we need to see another leg higher for wave C. In that case we are only seeing a wave 4 of smaller degree in progress on the lower time frames.
Nevertheless the 1hr time frame shows a corrective structure for wave A (RED) now we need to determine whether this is indeed a wave A or the complete corrective pattern. I favor the scenario that we only saw the first part of the correction by means of a wave A with wave B currently in progress.
The convergence of price which might turn into a triangle will present a low risk buy opportunity once wave E is in place. Triangles occur almost always prior to the final move of the structure which will be a wave C in this case.
If however we see a break lower, we most likely see a deeper wave B that might unfold in an . This is a likely scenario once we see the break due to the the Shoulder-Head-Shoulder pattern shown by means of the magenta .
A break above the upper RED non-horizontal will indicate that wave B is over and wave C higher is in progress.