Two daily supports were broken today, after low of today our next support is 52.80 - that's a good 10% further to the downside. I'm personally going to be patient waiting for a setup I like. If we get a big gap down tomorrow, for example, opening below $55.00, that's a setup that will have me interested. Otherwise, levels have cooled down enough at the end of day bounce that we could easily see another -6% day tomorrow.
I've been talking a lot in my past ideas about the psychology of what's going on right now in the sector. To further drive home how sentiment has shifted from bulls to bears, note that it's been a full three weeks since we've had two green days in a row - and this is when everybody has been expecting a huge bull run into October 17th. I'm not going to be entering positions based on what I want to happen, I'm going to watch the charts for a setup that favours a bull entry.