The correction's gone pretty good at 78% fibonacci, but if this is an early-staged downtrend, than it also confirms the last zone as being a distribution. The LL's there, and to confirm this LH, we need another LL, which I won't wait for. Also, the 200 SMA is flattening, meaning there is still not a definite direction on the overall trends. But, finally, I can see...
On this low timeframe, the setup looks really good for a sell
the 200 SMA is now a dynamic resistance
the fibonacci has just retraced 61%
The overall trend is a downtrend
But let's also take a look at the higher timeframes.
The previous uptrend has been extinguished by this aggressive move to the downside
Finally the price found enough supply to break that psychological level
The momentum has not yet stopped so we should wait for higher low and a retracement higher than 50% fibonacci level