Anywhere from a few hours to a few days of retracement, mostly sideways, then a Wave 3 stair-step breakdown along the Fib extension zones shown on the right axis. SPY Intermediate Term Trading Model Note for future reference: Wave 2 ended right in the middle of a Fib retracement window and buying puts on a breakdown through the bottom of that window, in the aftermath of a fresh Sell Signal (as we did here) was the right strategy. VIX Intermediate Term Trend Model Buy Confirmed: Fib Targets on right axis.
