Wave 2 is progressing as expected. A first move down, which looks like an impulse, has completed and with that the first leg down.

Zooming in to the 3 hour chart, we can see that prices are breaking through a resistance line in what seems to be a b-wave.

After wave b, we have to expect a wave c down (possibly as above), when we'll be looking at the end of wave 2.

It shouldn't take too long as the weekly stochastics are quite oversold already and have limited room to the downside.
The daily stochastics, on the contrary, have created some luft for themselves.

Near the top of the b-wave (around $8750) I will be closing my written October puts for a nice profit. I will not trade the c-wave down as I'm too bullish for a short position. Also, there may not be a c-wave; as there is the option of prices exploding upwards from here. I don't think that's very likely, but it's a possibility.