If we bounce at this level or at the 0.886 FIB level, I think that this has a good chance of playing out. On the way up we could probably retrace 50% and create a right shoulder for something that would look like an inverse head & shoulders. This would take us to the top of the harmonic reversal point. Again, there are lots of IF this than that. So this could be invalidated quickly. We would need to bounce pretty much right about now. If we don't, this pattern is invalidated.
Comment:
Looks like we could have a possible quick dump before we go up. Be cautious!