In the short term we can expect a bounce back to the 618 Fib from here. From the volume profile 1) we can see selling decreasing. Momentum shows to be turning from the MACD divergence 3) and the RSI starting to curve up near the lows 2).
The medium term picture still seems to suggest more selling to come. On the daily, we have ultra high volume bars near the highs, which we can assume to be selling. We would like to see a crossover on the MACD 2) and for the RSI to come down at least to the midway point. We can look back to the previous correction that lasted several weeks and anticipate something similar, into September.
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We have nearly reached our target so profits can be locked in with a Stop Loss below 193 and an additional Buy Order can be placed for a short trade to the 1.168/ 202 or possibly the 2.618/ 210
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The price action performed as expected, although on the first impulse we failed to reached our 202 target. We are in consolidation again and I see this breaking to the upside shortly. We are now near our entry position, so we can allow our Stops to take us out, and look to reenter on the break of the trendline. The RSI is very oversold, and lower prices have been rejected on the 1hr, although not on high volume.