Beef, Brick, and James breakdown a ton of research regarding multi-day moves and fading these extended moves.
First they look at multiple down days, which historically lead to higher VIX levels. The data showed that waiting for multiple down days led to higher profits and win rates when selling puts.
For calls, the story is less compelling. It didn't historically pay to wait for multiple up-days before selling calls. However, they team discussed their approach of fading a large up-day and how that could impact the results.