SHORT SPX = 5 Days Close at or above the OUTER BB

Obvious rising channel that is STEEP and prices have gone parabolic recently. This is shown in the 5 of the recent days at or closing above the outer BB. This pattern reverts to the mean of EMA 39 in >90% of cases. Occasionally prices rise a several more days before turning down but usually they do not. Expect to SHORT tomorrow at ~3200 and expect TP of 2950ish.

Trade active:

Sold almost all LONG positions in every stock today and went SHORT SPX at several levels between 3206 and 3215. Expect retrace to start soon. This does NOT mean I am necessarily thinking we retest the lows. First TP about 2950. This is about 3.5:1 R:R trade for me.

Comment:

Trade is working out as planned. Staying short here. Tightening stop loss.

Comment:

Like I said >90% this setup works out. Approaching Target Price between 2950 and 3000. Plan to start taking profits.

Trade closed: target reached:

Target Price 2965 hit today. Took Profit and closed trade. This trade turned out EXACTLY as planned.