it could turn into a deeper abc correction, the c point hitting the 0.618. or it could bounce at the 0.382 and start a new cycle, or turn into a double or triple zig zag correction. you would just have to wait and see. my guess is that there is going to be a much more significant correction, as the S&P is much overdue.
But the VXX puts are inverse of the S&P. If S&P has a rebound on Monday I was thinking, on the rebound I exit position (with a profit - this position benefits on a S&P increase) and then take a new position maybe on an expected deeper fall on the S&P, in that case I would then Buy the VXX Calls, maybe the $33.00 Calls for Jan 9 or such. Thoughts? Thank you, by the way, interesting insight.