Iv'e been waiting for this setup to confirm for a while now and have just entered the long position. Looking at the structure indicated in blue, we can see the initial impulse wave on the left of the chart, indicated by the first blue arrow. Then we can see a corrective structure which is in wave 3 to the downside at the moment. I have entered the long based on the break of the low of wave 1 as this is a good indication that we could see a reversal soon. I am looking to trade wave 4 to the top of the structure and will then wait for confirmation of a break to the upside or alternatively a reversal for wave 5 down first.