Chart above shows the sequence of events that transpired during the profit taking sell offs we had over the last week or so. I have drawn a fib retracement of the entire move from high to low on the hourly chart.
Key lines now left for the bears to defend are: 1083's (78.6% retrace) to the 1087's where as you can see on the chart the sequence really picked up steam to the down side, as supply become increasing and demand decreases the only place for the market to go is down.
