Just at the 1.27 Fib now, I believe this level is important, break above and the the bulls are firmly in control, hard rejection and its 5 waves down. It has been slow moving over the last few weeks. The MACD is showing a slight trend bearish but the RSI is a 50/50 split, bearish from the top and equally bullish from the bottom so this will need more information.
Is it worth taking a position now?....I think the sensible action is waiting for Wave 4 to complete if it turns bullish. If it gets rejected here now, wait for this to pull back considerably.