Let's see what happens next. Given this is the third wave down, I expect it to be a bit deeper than the first.
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It seems the upside move still had a leg remaining, and we are now in a wave-c to complete the correction most likely.
I expect there to be a reversal once we hit the yellow wedge resistance. This also pushes the timeline further by a few weeks.
My trade: I took calendar spreads that will expire worthless, but I'm okay with losing 100% on it. I will take one more cal positon next week as it hits the resistance / 200MA