This is no time to add new longs imo . Wait for the pull-back in iv. Higher confidence on long-term entries would be on wave 2 in coming months, or even on taking out the initial expected wave 1 high after wave 2 completes. (Better illustrated on a ).
The white line merely signifies where wave v would equal wave i off the low; its placement in time is purely notional at this point (note, wave v does not necessarily need to equal wave i).