If the wave count is correct in the weekly chart below, wave 5 might be over. Usually, a breakout occurs after 4 contact points of the channel boundaries. Will it be on the downside?
This is confirmed by the 4H chart below that shows 4 contact points of another channel: the one enveloping the first wave down. Note that a 9 wave pattern is equal to a 5 wave pattern.
Usually there is a little pull back before starting the new downtrend and also a breakout of the channel. The targets for the pullback are at 4322 (38%), 4335 (50%) and 4348 (61.8%). All of them could be entry points.
Any value above could imply that the whole Elliott Wave count is wrong.
The 1H chart below ahows that the pull back could stop also at 4309-4316. Finally, to limit the risk, you may want to enter at the breakout of the strong support at 4295
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