It is clear that in the 1-hour view, the upward (W) pattern has been completed, and the second part is now forming an M shape. From the 4-hour perspective, it is indeed in the middle part of the M shape. I judge that the short-term short range is very small because there is currently a price support point. Long positions can indeed be held, and there may be another drop before finding a new position for shorts possibly in the range of 1.1561-1.1683! The M pattern on the 1-hour chart appears to have been completed! Next, there is a very small chance of forming a new W and continuing the M.