Short back to trend Line/Decision Point

Price has been rising as a C wave which could be running out of steam. For now I expect a short move back to the trend line. Once there we'll make a decision about what is going to happen next. We could get a bounce and one more move up or price could breakout to give us a move back down as a D wave or simply a nice correction before C pushes higher. The retracement hasn't even reached 38.2 fib level (see Daily Chart in comments )that's why I have doubts that C is over. Not to worry for now we focus on the short back to the trend then we'll see what it does next.
If you want to trade the short move wait for the turn and correct entry set up on the lower timescale (1H)

I'll update my analysis as price develops so remember to follow to receive them. You can also follow updates via twitter (link from my TV profile)

Always wait for an entry set up before risking your money.

This is not investment advice - it is purely for educational and discussion purposes.
Your Ideas, comments and questions welcome

Good luck Steve

Comment:

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Let's see if this simply moves back to the trend line or is the beginning of a deeper correction. I'm only interested in a short trade if the trend is broken, we also have MACD divergence.

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Still waiting for price to reach the trend line. Once there we'll get a better idea of what's going to happen next

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OK trend line broken and now looks short back into the channel.

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We're in a correction of the previous move down. Waiting for a break down

Comment:

As forecast