If you look left this level has been respected in the past hitting it 4 times only to get rejected each time.
This provides a good opportunity as the 88.6% completion is right at this level.
I will closely watch this trade to see how price reacts at this level, keeping an eye on my filters - watching the level on HTF LTF and TTF
You can also wait for another sign of reversal - watch price action if we a close below the 3 marked positions hopefully we will see the signal for us to enter this trade.
Maybe you want more confirmation in LTF to look for an Oversold market with a slight retrace and then if we form a D/B with divergence then that is another signal for you providing a little more confirmation to enter this trade.
Below x in previous support the is a very close to our Stop level - if we break X then we could only hope price respects it and bounces back for us.
You may want to take the aggressive entry on this - most times you will miss the trade if not.
Also follow your rules and trade your plan.
Good luck and happy trading.