Allen Andrews gave us great rules. The P5 rule is one of them.
As we see in the chart, P5 could be reached. What does this mean?
It's an indication that price is at it's peak and a potential turn is ahead. Furthermore we have reached the center-line, where a) price will beak through, revisit and continues or b) price will turn and trade to the opposite direction, which would be far below at the L-MLH (the lower parallel).
I like to wait for some kind of confirmation. One of these I have in my arsenal is the break of previous lower highs.
You can see the short line in the chart, where I would start to take action.
So, we have another LT chart to observe. Keep it in your watch list - it could be an epic play.