Wave 5 Correction. Strong downward trend. Short term down.

Heavy sell off and no sign of upward momentum. All MA downward angles. Downward momentum is strong within channel. Still making LH LL.

Key support $158.35. Until it bounces off this level and shows some bullish candle patterns, I am cautious.

Preferred entry zone is below $160. Stop loss $156. But I would not take this trade yet. Very risky. It could get cheaper.

Comment:

$158 was holding for 2 days. Let's see if $156 will hold. Overall context is still downward bias.