This is the Daily chart that shows the Wave count from the 2005 low. Wave3 has finished and Wave4 is in progress. If you look back, you'd see that Wave2 was a simple 3-wave zig-zag. Since Wave2 and Wave4 typically alternate in structure, I wouldn't expect Wave 4 to be a zig-zag. Price bounced off the 38.2% retracement level pretty strongly, so I'm looking for a decent upmove. My guess is that there could be an irregular ABC correction at this point.
The 4-hour chart highlights the fact that the decline from 1.6018 has only been in 3-waves. I suppose a 5th wave could emerge if price stays below the Wave-a low, but given the MACD divergence, I think this is unlikely. Also, the strength and speed of the downmove convinced retailers to go short again. There are more shorts than longs at this point, which is bullish.
I may look to take a long trade in the near future.