This is looking more like a wave 4 setup of the preceding bearish trend
from 17.210 - 16.364 but the daily TF is showing a bullish divergence
, which was confirmed by the 5 waves upward thrust from 16.080 - 17.210. This is a cross road at the moment, so I will advise we just follow the direction of the arrow for now since both wave 4 idea and wave 1& 2 ideas both correspond with the immediate analysis.
Feel free to leave your views and comments