After SanDisk opened, it accelerated lower and dropped to 1231, where it temporarily paused—this is where the technical level gets tested. Should you consider a short-term long? It’s definitely possible, but on lower timeframes you may only see a small corrective bounce; if it bounces up, it still needs to fall again. You can do it or not. It’s still a little way off the “midway drawdown” level, so you can wait a bit longer.

For the corrective bounce, I’m temporarily looking at the 15- and 30-minute timeframes. Because the current “stop-the-fall” signal has only been issued up to the 30-minute level, the rebound should first be assessed on the 30-minute timeframe. The first resistance point on the 30-minute chart is 1308. The first Fibonacci level at 0.382 is 1231 + (1518 - 1231) * 0.382 = 1340. 1340 corresponds to the resistance of a 1-hour corrective bounce (at this time, the 1-hour timeframe has not yet issued a “stop-the-fall” signal, which doesn’t mean it won’t issue one after the close).