SPY - Target Reached

Based on the 3 day 5 minute chart:  100% rectangle target.  The upper trend line of the projected channel.  150% Fib extension from the low.  Very over bought.   Tempted to short but, I already have 1/3 inverse ETF's.  I will wait till the 123.60 Fib extension on the 60 minute chart to short: 142.48.   If that happens, TVIX, VXX could be making a double bottom.