I am looking for a break with a small correction to take a further long position. We may have finished a 3 wave a-b-c or there may be another leg down for a d-e. I am leaning towards the d-e pattern. Regardless I need a break above to get involved.
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While the price may have hit a turning point. Indications of a further drop are in play. Look to the DXY for help. It appears to want to move up more but also showing signs of topping. A strong move down of the DXY will most likely mean a reversal. Momentum is still on the side of both. Look for a shift in momentum.
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It appears the breakout might be starting for a strong upward. Be vigilant it may be a HTF correction for a push down a bit more but we are looking to go to the blue dotted line for a start. Another indicator is the price turned exactly where I drew the down arrow to.