I am either waiting for a break down and a lower low, resulting as an indication and confirmation of downtrend in channel, Where I would look to open a short and ride it to the bottom of the trend line which is also around 1.68 fib levels. (Yellow line). A reversal where it fails to make lower lows, could result in a re-test of the break out (The thick red line). Which is another short entry point with a stop loss above that line as that will be big resistance.