Here we have 2 converging Wolfe Wave's where the smaller Wolfe Wave completing at the 1-4 line creates point 5 of the engulfingWolfe Wave . The 5' line is in play but it is rather unlikely in this scenario.
Point 5 hit, now looking for a bullish move.
Long position in place.
Larger Wolfe Wave has been invalidated. Smaller Wolfe Wave is still active. If you missed the first entry. Now would be a good time to enter.
I will update this pair showing only the smaller Wolfe Wave.