Financial ETF (XLF) - Good time to short!

The European debt crisis has triggered panic selling in the banks and financial stocks worldwide. I am entering a XLF SEP 15 PUT option to ride on the slide of the current financial sectors sell down.
XLF (Financial ETF) has broken the 50D MA support and heading towards the next immediate support of $14.723 (78.6% Fibonacci Retracement Level and also 200D MA support). If this support level is broken, a deeper correction will probably start in the financial sector.