Lots of bearish action going on here, if you zoom out into the daily chart you will see that price has room to move down into a previous support or resistance level...or price could just stop us out :<
Im going to go for a short trade on this one, could be that price goes against me however, their is a clear trend resistance line that is very noticeable on the daily chart. My take profit is way down at that horizontal line. I drew another horizontal line near my position and basically that is a level that the market could bounce or be a pullback.
I used the fib retracement in order to see a few ways the price may travel. I plan to get involved if market hits those levels and shows a possible turn in the market. I may also just get involved in a pullback.