I plan to WIN on this upcoming trade with optimal risk-to-reward: I pointed out yesterday that we'll see slow upward movement on SPY. I'm still expecting another leg down, and will take a short position if I see optimal R:R (I'll update).
In my subsequent post, you'll see that the two times VIX tested pennant support, SPY rejected off the bear flag resistance (in this graph). With the third VIX retest, we may see SPY near the gray TL of ~$400.
I'm waiting for this likely scenario to take my short and am holding my [temporary] long stance.