Lite-ning strike twice..?

This looks good. A clear 5 wave impulse in the 3rd wave setting up a 4th wave retracement. Here's the tricky bit... where does it find support? The last drop had if turn at the 38.2 and on the prior wave-3 high almost to the tick. Just as you'd expect. Now we approach again for a second test. All we can do is look for clues and calculate based on probabilities and a risk reward with which we can be comfortable. We know that the stronger the trend the higher the probability of the turn at the 38.2. We also know the second test is the dangerous test. And we know Algo's want the 50%. A look at the oscillator and we can see the potential for a beautiful set up with an excellent 7.27 risk reward at the 50. Stop just below the wave-1 high. Text book trade. No reason "not" to take it.

Take note that on this the 3-hour time frame, the oscillator needs a more significant move lower to reach the oversold level... So the biggest risk here is that we get left at the trading alter. But, forcing a trade out of FOMO... almost always a bad idea. If it leaves without me, I'll wait for the next set up. It will come, it always does.