July Soybean Oil Possibly Making Leg 4

I saw how July Soybean Oil was about to close with 10 minutes left to evaluate and decide whether to enter. It looked like a good Bearish setup but took the time I had to pull 2 ranges of Fibonacci's, add measured moves from the 3 previous legs down, and identify as many pro's and con's as I could. at 14:18 I pulled the trigger with 2 minutes to spare. I imagine there is more liquidity and smaller Bid/Ask spreads 2 minutes before the close than 2 seconds before the close.

Pro's:

Bounced off 20dma.
Bounced off 50% Fib of the bigger yellow range.
Doji gap down yesterday with a
Close below the 8ema.
Today closed under the 8ema.
Below all MA's (added this to chart after the screen shot).
Large volume signals Bears won today's battle.
Other July grains have rolled over more so than oil (added this to chart after the screen shot).

Cons:

We've already retraced 50% of the green range (the smaller up leg).
We've already made 3 down legs. My experience is 3 legs in a row before a large retracement is more common than 4 legs. So this little 2 day down leg may just be a 50% retracement before heading back up.
We're getting in early before a confirmation of closing below the previous swing low. I just suffered a sizable loss from doing this very same thing. See the previous post on the failed wheat trade. Why use the same shortcut? Because if I waited for confirmation I wouldn't want to take the required risk of approximately 25.00-27.87=-2.87*$600=$1,722.

Bottom Line:

Target 127.2% yellow Fib = 161.8% green Fib = AB/CD.
Stop Loss just above previous swing high.

Entry 26.59
Target 23.55
Stop 27.87

Risk 26.59-27.87=1.28*$600/pt=$768.
Reward 26.59-23.55=3.04*$600=$1824.
R:R 1:2.4