I am looking for a target exit around 2580. I have a long term (black line) and a short term coming together in that area. Also, at that point, SPXU will be about 44. Back in Oct 29th, this is where SPXU peaked, so it would form a .
I'm still mulling over the idea of switching gears when I sell and going long for the short term. I don't believe this market is going to crash. But anything can happen: US impeachment, Ukraine-Russia war, or another economic crisis. I rather think this will continue to self-correct by oscillating in a downward motion.
Please let me know what you think especially if you disagree...
I'm not an EW trader; however, I do agree with the general direction of how I think it will go down.