As I see it, the B-C leg has completed and we are now on the way down to D. I was at work at the top of this so I was unable to initiate a position. I will wait for Europe to hopefully attempt to push this up near 46 and enter my position there. My stop is below the high of A but due to the downward trend holding this movement in range I believe that is a safe bet as I don't believe Europe would have the power to push it that far. The actions of Europe will also be a good indicator of direction. I feel if they push this down then we may see an upward movement into the afternoon so if our order hasn't been filled before NYSE open I will disable it. Ideally Europe will push this up into our entry zone and it should continue down from there through the NY Session.