The symmetrical triangle broke out to the down side with a completion that looks to be around $205. I've been expecting this level for a while and it also lands on top of a 2 week SCMR ; so we would expect a decent retrace from that level. If the dries up and we actually see a rally from $222 - $220 I'll be watching for the 'D' completion point on this . My hopes aren't high for the Gartely, but best to keep all options on the table so we can have a plan in place.
If you're going to long off any rally, a Short position is advised to be opened at the 'D' completion point near $250.
If you're going to take the short trade now in play; T/P would be at or around $205 - $200, trailing stops or buy stops from there for the rebound. My position is short with a stop-loss at about $237.
And funnily enough (using finex again) if you take the 1.414 as the low and apply your fib extension from the 315 high to the anticipated ~203 low, you will see the 1.618 extension reach the much talked about 135 target zone.
Here is what DanLaffas is referring to.
Cheat sheet for retracements, and the likely extensions you could see them yeild:
Retracement ..... Extension (target)
38.2% ..... 161.8% and beyond
50.0% ..... 138.2 to 161.8%
61.8% ..... 121.4 to 138.2%
78.6% ..... 100% to 121.4