Short to Neckline

Price had a strong rejection at the 61.8 Fib, and returned under the strong montlhy Resistance/support. I would expect to see a retest of either level before a drop that would target the W-formation's neckline.

Looking at the daily, the price remains in a strong downtrend, and could be in a possible b-wave of the ABC corrective waves.
I believe a reasonable target for the C-wave completion would be the previously made W-formation neckline.