Reasons for Entry: Touching a bearish TL, that lines up with a 78.6% bearish fib line. Has already shown some rejection of this area. Also, showing the 200 SMA on the 4H chart as resistance.
Reasons for SL Placement: Above the move recent high, and above the TLs.
Reasons for TP Placement: Good RR, above the -0.27 fib extension level, right around the recent lows.