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.
An upward impulse develops on a lower-degree wave structure. Now the price is moving within the final wave (v). Thus, the local trend remains upward.
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.
Альтернативный сценарий