GOOGL Trade Idea

Price today was rejected at a 1.618 Fibonacci level. I entered a successful short position and intend to get back in for another day trade.

Since it previously reacted to a Fibonacci level, it may continue to do so.

The 1.618 for Fibonacci 2 happens to be the start of Fibonacci 1, which is also a previous high/resistance point.

Price is already headed down.

I'm looking for an entry based on a 50% retracement from a Fibonacci on the 5 minute chart, which I have since deleted.

The target is the 1.618 Fibonacci level for Fibonacci 2.

KEY:
-White Horizonal Lines: Previous High or low/resistance level.
-Fibonacci Retracement: I've removed all the levels except 0, .50, 1, 1.618, and 2.618.