Scenario 1

Scenario 2

Analysis

We have just completed our Leading First Wave Diagonal

Now we are Correcting. To note, the 4hr is highlighting Positive Reversal. We might potentially climb upwards soon.

Areas to look out for is the 0.5 retracement as it coincides with the previous Wave 4
According to Elliott, retracements always end around the Wave 4 of 1 lesser degree.

Or, we could do one more Wave up, before falling again to complete an ABC around the 0.618 and 0.65 regions poking along the trend line.

Stop Loss should be at the 0.786 region.

Both scenarios show that going long is the safer approach.
Can start buying in at retracement regions