We did not have a bounce at $60 so I am still expecting a drop to at least $56. I am still reluctant that we are going to make a new high before dropping to $48 first. If we do make a new high I am shorting at $68 and am very confident in this price action. A long at $48 would be wise for a good scalp position still. Previously I had written that a bounce off of $46 was necessary but after a redraw, I think $48.40 is the better bet. I am currently flat in this position but I believe we will reach the intersection of the 200EMA at $52 or the 38.2% Fibonacci level sooner rather than later.