It can also still bounce up and continue within the channel.
Blackbirdcapital
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@Ambipath, Yeah you're right it could definitely do that, and that's why I haven't committed 100% on a directional bias and waiting to see how price reacts here. Although I'm leaning towards the downside because of sentiment changing as evidenced by large bearish impulsive moves. Even if we do get this move, I'll only be entering on the retest to confirm the continuation is in play. If we get the bounce off these levels instead, then I'll be looking at potential buy set ups. As always I let the market make the first move, and see how the move plays in areas of high relevance (infliction zones).