Today's chart & trading, page-2195

Fib's obviously a formula but the starting point is arbitrary, just making that qualification but your 263 does look kosher as support/resistance.

The point I'm disagreeing with "closing at a new low of 2.64. This is a negative".

Firstly it is hardly a "new" low, given 220 is the bottom in your series.

Secondly your Fib has held potentially as support yesterday, that can hardly be negative.

We wait to see whether support holds at that Fib level, also bottom line in your channel, with potentially a bounce pending with possibly a new high in the ST trend from 220.

If however the Fib fails, which would see the SP fall out of your channel you could definitely call a ST negative.

You are pre-empting to the downside whereas IF that Fib is substantive there should be a higher probability of a bounce on retest rather than a failure.

Most accurate statement you made was "Next few bars would be critical" to the immediate direction.