alternatively, the bears could continue dominationg the market since the candles are currently still below the 200EMA
however, i dont believe the downtrend will continue any further, also the fib. ratios could be key restance and support structures so alerts should be set at each of them if you are to trade this strategy.
this is my findings as a result of my analysis. should you decide to follow it, it must be at your own accord.
peace out compadres