Option Investor
Update
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The move down from yesterday's high should become a 5-wave move with a downside target near SPX 780. The 1st wave of the 5-wave move is likely yesterday's decline and today's bounce should be the 2nd wave correction. That leaves the 3rd wave as the next wave that's due and these being the strongest part of the pattern I would expect Friday to be hard down. If we get a little bounce into the close (not certain about that) it would be a very good short play setup with your stop just above today's high. I'll update lots of charts in tonight's newsletter.

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