Well I was certainly wrong about a strong open that's for sure....

Well I was certainly wrong about a strong open that's for sure. This highlights an important lesson - the smaller the time frame the weaker the signal, the larger the TF the weightier it is.

I'm not unhappy to see this pullback, it's will dunk the chart into cold water and cool things off. This will allow the gains of the next rallies to be held on to easier. This is healthy and ha been coming for a while. It will be oversold out of fear and panic and bounce back when it stops. We have lots of support all the way down, I'll be pretty disappointed if we drop below the major fib of 0.28, but I don't think we'll get anywhere near that. Once we have a bottom (C of the A-B-C) it will give us some nice realistic targets.
While we may get a second sell off, a close on the hourly above the major fib at 42.5 could be taken as bullish, confirmed with a bounce of course.

At the moment I've a fib drawn in pink, with the 50% at 0.39. IF this is the fib the markets are watching then 0.36 should offer some strong support as the 61.8% of the move. Unless we push under 0.370 we likely already have a bullish divergence formed on the hourly (needs to be close the hour to lock it in)

For those who have bought higher than here, we've all been through draw down and if you are feeling horrible go and read some of davvy's & unbelievable's posts of their fundamental analysis. For those still in profit but don't like to see them evaporate on paper, remember this sell off, in the longer term picture is fantastic for holding onto gains as we move higher.