In this case price has made a D very close to 88.6% fib level (price $166.46) and has had a decent move lower. Where could price go from here?
I use the B C Leg to help us figure that out. The 1:1 would take us back down to $141.52 which would also see price get back down to this weeks Central (C.P, pink line) where it could find support. The 200MA is also in that area another reason to think that could be a .
For me I wont be looking to get long (based on what I see now, this could change) until price gets down to the of the B C leg.
If I was going to getting short, I would wait for a lower high around the the $160 level and I would put my stop above the high $166.46 and my target would be the weekly C.P at $142.50 for a R:R of 2.76.
I love the fractal nature of these patterns :D