My RED Box nailed the very top of SMH. And then it started the expected drop structured as a-b-c down structure. 

In my previous update I wrote: “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.”

As you can see below, it has already filled the first gap down but may stretch lower to fill the second unfilled gap located in between 107.60 and 106.55.I have a meaningful 176.4% extension of the wave a down at 105.10 which is my next target for this move down.