Yellow circle: The market opens up with a steep crash off the 5m 34, but we don’t get a great entry on the 1m. When we get the first 1m wave, it makes a perfect bearish signal, but does not complete the new low immediately. Instead, it has multiple jukes shortly after just barely missing the new low. Note that the 5m was on its way up leading into the open, which suggests it had enough strength to try to get back over the 0 line first.
Orange circle: Though 5m doesn’t make far above the 0 line, we get multiple entries here on the 1m wave to short for the new low. Notice that the 5m only fails once it makes it above the 0 line, as expected. So we must stay patient until it does get over 0, and then short the 1m eitehr at 8:30 or 8:45. 8:45 makes the higher high as the 5m gets the wave finished at that moment.
Purple circle: 1m makes another wave shortly after around 10:00, with a bearish engulfing non-7J along the 5m 34. This takes over an hour to get to a new low, but ultimately does both make a new relevant low and a new low for the day after. We can hold this the whole way down to that new daily low.
Blue circle: This is optional, a late 5m 34 test yet again, this time a fake spike low off of a great 1m candle that reverses shortly after. Since this is not the ideal 5m 34 test, we can skip it.
There are several 1m 21 tests that we can also consider around 9:15 AM and 10:55. Both produce small profits but are valid for a new low.