Approximately every 2-3 weeks, the market will experience a "big red day" with a 15-20% downwick, aimed at flushing out late buyers.
"every two weeks, 3 weeks or so, you're going to see this one big red day. And this big red day is going to have a purpose of flushing out a lot of people that bought late in the market. And this can be anything between that 15 and 20% wick to the downside."