We have reversed and headed back up, I have entered a long position. I'm expecting this to meet the 50% fib level which ties in nicely with a heavy resistance area. I will be looking to short here. We highly bearish on the higher timeframes. Will be interesting to see how this plays out.
Comment:
If we reject the 38.2% fib level, I will close my long and short from there - I believe we have the momentum to reach 50% though.
Trade closed manually:
38.2 region rejected - should continue our bearish momentum down now.