Understanding Soninc

Here is the setup which occured on thursday last week:

1. The first pic represents Sonic entry:

We had a big move down previous day, which could be considered as a prolonged fifth wave.

Price tested EMA bands forming High and retraced forming Higher Low, after that it broke through the channel and previous High making a pullback afterwards. Entry point was @ the pullback lvl.

2. This pic represents the entry based on 89 EMA:

Considering the same set-up the entry point should be considered based on the 89 EMA instead of EMA bands: