If you recall, the thesis was that the peak of the wedge was a 3rd, then we should get an a-b-c into a 4th and then 5 waves up that would likely not be able to create a higher high. Today's bounce only got to the 50% fib so far. A FB break down below the lower rail on Thursday or Friday would not be a good sign for the markets as it would likely indicate FB's real entry into the bear.
These first 5 waves up can also be 1 of 5 so if this rises to a higher high than blue 5 I would abandon any liquid short positions and let this thing burn itself out. It shouldn't take more than 2-3 days to do that if that is what it needs to do.
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