another look at fibs, scale and waves

Another look at the chart below reveals interesting relationships developing in the "bottoming action" The beauty of this scenario is that if it were to come true most bulls would be fully loaded while most shorts would be wiped out. The next leg down from the area of 200 day moving average should be sharp and nasty and not pause until what looks like a right shoulder of a major head and shoulders bottom presents itself. I would expect that pattern to fuel more buying and short covering before moving on to deep fresh lows.
All in keeping with the thought that the market wants to cause as much damage as possible in all directions.