Last week price reclaimed the prior low, creating a fake out. This week we saw a retest of that prior low. At this moment we are respecting that level (candle close within 1.5 h).
Next target is 3.98 T. This level could possibly be seen as the shoulderlevel of the head and shoulder. This level is crucial to reclaim. Rejection at this level would indicate the start of a second bearish leg down to lower levels. If we take the fib retracement of the first bearish leg down, we can see the confluence of the -0.68 retracement level and the shoulder level of the inverse head and shoulder @ 2.61T.
