The bears seem to be effectively fighting the price rebound that was powered by an 'M' pattern formation. If they bring the price down to below that rebound point, they will have shown their overwhelming power. I am planning to short if the Bears manage to cleanly drop the value below the red arrow on the chart.
Looks like we have one of those 'M's popping up. Only reason I'm posting this is because a retracement at 61.8% (golden ratio or something) lines up with my other longer term bull prediction and it helps explain the recent shoot downward. Ms usually have an explosive retracement from what I've seen. Buying as soon as retracement starts to happen.