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Is this the correct exit for shorts ? Or give it more room to catch the next leg down ?
It's not clear from the chart to me, if the market crossed the bar 14 high on bar 15 and 16.
If not, I don't think there was enough reason to exit.
There are a few things that bar 14 says. The low of bar 14 broke far below the lowest close till that point. Meaning, there are no trapped strong bears when bar 14 got printed. Alternatively, with a bar as big as bar 14, it had the potential to be a bull trap in itself.
So, even if bar 14 high got breached, I would probably not buy and wait for it to fail, and look to go short again if exited.
The characteristic of this day is, almost everyone agrees that the price is not right, and the sellers will sell and buyers will wait until everyone agrees the market is at a fair price(meaning, we need at least a small TR). You can see, that the bull bars are extremely weak, and look like that because some weak bears are exiting(to book profits on their shorts).