as you know corrective structures are very complex and as it develops we have to analyze and label it again...
it seems that now we are at last steps of C wave of flat and wave to upside starts soon.
structurally it can breaks to both directions.
Now, I prefer the short setup because of the divergence, but I'm on long (buy) side for long term direction.
Although I prefer short setup, I would enter long if it breaks to upside, maybe because of today's FOMC meeting (fundamental news), but i will move my stop to break even as soon as possible.
now its not obvious which one is going to form, but i prefer those three correction rather than yellow impulsive one because the first wave which is shown in above chart is more likely a correction.