SPY chart showing ominous signs. Potential reversal soon?

I was really surprised to see the market gap up the way it did on literally no news today but faith was restored as we saw a very bearish close. At one point, I was thinking that corrective wave C may get extended to 0.5 fib level 279 but the market sharply sold off to close at 0.38 fib level 265. Tomorrow's session will be interesting and without any good news catalysts, I can see the market testing 260 this week ( maybe even 256 if 260 does not hold). I still have the 0.50 fib level highlighted in my chart as there is a scenario where we gap up and fill that gap before starting the next impulse trend down. Either way, you can't go wrong here by getting some long-dated May/June puts here considering volatility has bottomed considerably when compared to a week ago.



DISCLAIMER: The above thoughts are my own and should not be considered as investment advice. Please do your own research or reach out to a finance professional for advice.