We saw that wave red wave 2 of green wave 4 is in progress and now it retrace 50% of red wave 1 of green wave 5. As soon as red wave 2 of green wave 5 finish new impulsive rally towards 130 area start soon. But it is to be noted that according to Elliott wave principal wave 2 can retrace up to 100% of wave 1. Long term trader can enter into long trade with stop loss few pips below the  previous low (116) and can add position near 117.25. How ever if you can choose wait, see and confirm policy than enter after any bullish candle break above the previous.

muhiuddin