Finding it difficult to hold this is enough without looking much further, I was however hoping to pile on the shorts closer to the 61.8% + R1 so I sit patiently waiting for more clarity.
I have taken 50% off from my short when price double bottomed on the 4hr and showed on the hourly near 433.
The blue line next to the S1 is the 100Dsma so I am setting my eyes on this to cover another 50% or cover the entire position if I cannot poach any more shorts higher above.
One strategy would be to enter at market if price closes on the below the current Daily with a tight stop above around 445 but this would need to be done after the Daily closes as it is still too early and price could rally to my intended short area at the 61.8%.
On the side I really don't have one so I'm not interested to entertain one since price is now making lower highs and lower lows but I do have stops above 460 "just in case".
What we need to see now is price continue down with conviction and volume to avoid creating a double bottom "W" pattern or show strength to the upside for a possible retest of the highs, at the moment I remain alert for volatility to pick up.
Therefore I am very interested in the daily closes over the coming days.
Basically we have been spending a great deal of time trying to overcome 470 which hasn't happened and the current correction for me is not significant enough to create a larger base with which to attempt a rally above 470. The majority of the time the market is in consolidation and only a small portion of the time in a trend the trend has been broken so I look for a base to be formed much lower.
Only if price got above 460+ would I consider the market turning bullish the current bounce should only be seen as corrective and an opportunity to short.