That’s the way I see the situation as of now. The very short term looks conflictual, however when you look at the 4hrs , it shows that we could see a right shoulder forming. In the eventuality that it does, SPY would make another top.
Double-top on chart + on , I’m short here.
I expect a bit of selloff tomorrow morning within the first 2 hours. As I said the very short term is messy, but maybe I can find a good spot to get in; I would really like to play this setup both ways, long then short.
Remember my H&S.. Even though the market did the exact opposite of what I was expecting, it looks like the market came back to complete its right shoulder. We'll see.
One day soon it will break and hard. But I reckon it might pop up first and then throwover. The 1hr chart shows identical pattern to 21-23 Aug during the 2nd Elliot wave downbeat.
That ended with a grindy climb up the worry wall and then a hot pop. look for more of the same... I believe we are at/near the end of a wave 4. Fifth of 5 will be a powerburst higher.
I would not be a put buyer or a short seller in here right now. Watch for the signals! IF it grinds off a bit tomorrow, consider a small long position, I wouldn't bet the farm though.