This beautiful downtrend strenghtened its impulses when it approached the previous support just enough to punch through it. Having broken it and establishing a lower low, we can expect a further move down. Also, it appears that we are currently in the decline phase, having just escaped from a short distribution. I would consider a short position right here, right after checking with the lower timeframes first.
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Update: forgot to mention that only a retracement above 50% fibonacci (which I believe to be at around 61.8% in this case, from the last swing high down) may be taken in consideration for the correction to take place.