The market remains in a downtrend, though wave analysis indicates a potential end to the current trend.
A wave structure of a higher-degree indicates the formation of an upward impulse. Now a correctional wave [iv] has been formed within this structure. After its completion, the development of the ascending wave [v] with the update of the previous maximum can be seen.
According to a smaller time-frame, the market moves within the ABC zigzag. Currently, the price is completing the formation of the wave (c) apparently and the price movement may move into a new wave formation.
To summarize, it is worth noting that the upward movement continues to develop on the chart on a higher time-frame. However, the wave analysis indicates the final stage of formation of this impulse.
In this situation, long positions are prioritized.
Alternative scenario
Short positions will be relevant after the breakout of the current wave start level