It seems to be creating a 5 wave structure downwards, which would be the A wave of the corrective cycle.
Wave 3 is currently in progress and I would anticipate some consolidation around the to confirm the 3rd wave continuation to the negative fib levels.
Alongside this, the moving average also seems to repel prices downwards.
From there, there is still a further 2 waves before the A wave is completed.
The fourth wave cannot enter price area of where wave one terminated. This is shown by the horizontal line.
A will most likely finish around the area of 240,000.
Again I am trying to apply my analysis to as much as possible. Any feedback is appreciated.