Is This A Continuation of a Downtrend?

Price is moving away from Peak High Formation (around 108.00) and is being rejected from the 800 ema (on the 15 min timeframe). Is this a possible continuation of a downward movement? The 50 ema on the 1 hour chart is holding price at the moment. Could a break and close below this 50 ema confirm the downward move? If so, TP would be around the 105.350 area for me. Any thoughts?