The dark red wave count calls for only a pullback from resistance in the 871-880 area while the pink count calls for another strong bout of selling. Therefore trying a short there, with a stop placed at the high as soon as it pulls back, should make for a good risk:reward opportunity. If it then rallies instead of sells off I'll look to get long on the next pullback (labeled wave 2 in dark red). If after getting short the market drops back down below 850 we'll know the stronger selloff is happening.
It was a whippy market today and that will very likely continue. When entering plays it's very important to know why you're entering where you are but more importantly where your exit needs to be and why. This market is killing participants who lack proper discipline in risk/stop management. Be careful.