Short term bounce needed for short setup

١٢ يوليو ٢٠١٤

I like the .382 fib retracement target in this case, based on the lower timeframe. The 15min chart has an ABC retracement in place, with an extension to the same area.

(IWM 15min chart)

Both point to 166 area, then we should see another leg down covering at minimum the distance of this last move, but likely 161.8% or more.