Approaching short entry point near 0.6182 retracement with SL at invalidation if breaking upper channel line. Longer term snapshot:
**** Besides using EW and Fibonacci ratios as tools for forecasting and prediction in any time frame, this is a typical example of a 'trademark' of these tools for searching and setting up trades of good R/R - giving tight SL at invalidation points and Fib extension full swing targets. It's a money management device for reducing losses and maximizing gains.
EW trading is not an after thought or hindsight either.