The current situation fully aligns with the previously suggested wave scenario. After a very good impulsive growth, the price has started a logical pullback. The formed upward impulse is considered as wave 1 in the emerging bullish impulse of a higher time frame. Thus, the observed pullback is the beginning of the development of corrective wave 2, which is expected to take the form of a simple zigzag. The first part of it has already formed, followed by some sideways movement with another impulsive downward movement.

However, the situation is not yet suitable for concluding any trades. Today’s trading day is likely to be spent forming the indicated sideways movement. Afterwards, a favorable situation for entering short trades may develop.

Recommendations: Flat.