My RED Box nailed the very top of SMH. Then it dropped leaving behind an unfilled gap down. I counted that drop as subwave a implying that it will continue decline after corrective wave b up. In the previous update I wrote:

“The grinding move higher we are witnessing now looks like that expected corrective subwave b up. It has filled the gap down by this time. That means it can start another stronger drop in subwave c down any moment.”

This decline in wave c would complete the first leg down structured as a-b-c. It may target 123.6% ext of the first drop in wave a (108.94) coinciding with an unfilled gap up at 110.40 – 108.57.