Opened short as the volume for indicated bearish candles is definitely above average and confirming the downtrend.
Unfortunately, VOL is not displayed here on UKXGBP.
But it's possible to check it on UK100GBP (oanda)
I didn't put it here as the quotes are a bit different and once I started in UKXGBP, I will avoid using different instruments to prevent confusion.
Though it is possible to use it as a short entry signal, I wouldn't recommend so
as such little formation can easily be broken (but not necessarily, these waves work on all time frames)
in this case, I view it as a good additional argument for continuation of current downtrend.
One more sell position was opened at the newly formed peak (point IV) as the pattern is still valid and RSI was confirming its strength.
Currently, the formation is still standing with its banners proudly waving )