we have another wave to the upside pending (wave C).
Contracting flat has been completed in wave B and we have first wave up and a retracement in wave 2.
It could drop deeper to the area highlighted with an orange box (1286-1265).
It could be better to long there.
Minimum target where C=A = 1560, which coincides with the 61.8% Fibonacci from the all time high to the major low.
The risk should be limited at least below the start of wave 1 of C (1236).