Perfect Fade

After a classic zig zag correction up, the SP presented the perfect opportunity for a fade overnight.
That opp still exists, although it is slightly below it's overnight highs as I write.
Daily
 click to enlarge
It is possible to count 5 subwaves down from the highs of 1422, labeled wave 1.
The corrective 2 wave retraced roughly 50% of that move down. It is no longer oversold .
And now we come to the main point; the next wave down of similar degree will be a 3, commonly the most dramatic move often achieving a Fibonacci multiple of the preceding 1st wave.
So 1.618 x 155= 250 SP points, Or 1097 from the overnight highs.




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