We have 3 waves into the lows, so the option is that a simple a-b-c correction finished at the lows and now we should go up (I see this as the underdog as of now).
2 options open now:
- most is a bear nest - a series of 1-2 waves which 3 of 3 coming once the current wave up is finishing
- other option is for a complex flat wave for the 2nd wave... the red count shown.
At the moment, I view one of the bear options as favourite. If the current wave finishes below the green horizontal line, it will be tough to say which one it was, but it wouldn't really matter near term since the lows should fall in both cases.
The melt-up channel is interesting to watch for test of the up&lower TL in the mean time.
Good luck to your trades!