M - market is in down trend. If price fails to make lower low and retraces to fib 38 or 50 level we could see a potential head and shoulders forming and could see price buy to the upside
A - the area of value would be the right shoulder where we would enter long.
E - entry would be a bullish engulfing , railroad track or candle which shows rejection off that level
E - exit would be the value of left and right shoulder.