Ok, we are well on our way down. About one hour since the violation of the LMP (pink/magenta) line price fell 3 bucks & has temporarily(?) found support at 69.50$ which is bang on the -61.8% Fib level ( from yesterdays low of 72.42). We also have a secondary daily pivot support at 69.45. In addition we are bang on the 23.6% Fib inner line of our newMod Schiff downward sloping ML set (in blue).A Fib expansion gives us 69.30 as a 100% level. On our pre-Mod Schiff ML set ( se below in pink) we are resting on the 50% inner line.
Just as importantly looking backwards we are resting on a prior low of 11/Dec /09 of 69.47 .....however price looks as though it may have further to fall and possible support levels now must be considered. The blue median line lies well below at about 67.00 where there is also good support levels but this is a long way away and there is no guarantee that price will go there. 
Indeed the Mod Schiff ML set i drew above may just have defined the prior swing high only and we should now be looking at the pink ML (below) where we have also found support on the lower Fib inner line and are below the ML of this set.
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