These lower levels are where it becomes dangerous to short IMO . At some point we are going to bounce, and we are definitely getting close. That bounce, will in all likelihood be like the previous ones and it'll be a massive buy order which will just eat up the order book.
I'd like to think mid-5s is the danger point. So I'm going to ride this down a little further, then depending on PA I might even stop all trading in that 5.5 to 5.6 range.
The other argument to be cognisant of is a bounce here. I'm dubious about this though, as i'd think we see a bigger bounce. A 50-100 buck up move is hardly a bounce to change anything. A few hundred at least and then perhaps we could take it more seriously.