Everyone of those corrections, started with the formation of a base. A low being put in and then retested and held. Until that happens you do not know the low is in, regardless if it falls on a fib extension or not. It would make sense that something would happen here, but this is a level to take profits, not necessarily start a trade, unless PA shows it, it hasn't yet....... you're trying to catch the falling knife.
When the market is scared there's no safe levels.
You are projecting your views and wants, instead of letting the chart speak.
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