Waiting for price to pull back down before considering a long position.
Waiting for the following confirmation. Keep in mind that there is plenty of ratio confluence around that
- Price to pull back and respect the underlying and bounce off (possibly pull back to retest the )
- Oversold signals on the or any oscillator
If price does pull back and bounce off then I have highlighted some zones to keep an eye for test of structure. There is also a huge that may form (I haven't drawn it as its still too early but it does provide some rough major target zones to eye).
If this sets up then it provides a great risk to reward. If using limit orders then highly recommend front running those orders to ensure they get filled.