As per my previous analyses - we have broken to the down side of our 'potentially' bullish fractal . The last time this happened we created a new bearish fractal . In order for the fractal to be valid we need to see a bit more of a drop before a retrace back up (and even into) the previous bullish triangle pattern . This would create a descending triangle and is fairly likely to occur (in my opinion). How I am playing this - My previous longs were stopped out in profit; however I also hedged some shorts in case we went down. My average entry price is 10,085. I have already moved my stops into profit at 9650. My target before the retrace is 9100; so I will keeping a close eye and moving my stops down regularly. The bearish fractal may not hold, so we could go lower - or we could retrace earlier; hence I will be quite aggressive with my stops for this short as compared to how I usually play it.

My overall target for shorts for this fractal is between 6500-6900 before we see a descent rally back up.

Note: Unless we see a retrace back up to form the descending triangle - then the fractal is not valid. If we do see the retrace I am expecting, then there is a chance to short this at a much better entry price coming in the next few days.