I'm watching tomorrow for an early break below today's low of 270.19 by SPY. If so, the pattern above should be confirmed and we could see the SPY at 266 to 267 range fairly soon.
I may purchase SDS shares (2x short fund) if this happens (and we don't just open tomorrow substantially lower/near the target) and ride them till SPY hits 267 for a quick 2%+ gain.
Note: The 266-267 target is a good 1:1 extension for wave C of the ABC pattern outlined, and it is also a good 1:1.618 extension of wave 1 (of the 5th wave of corrective wave C).
Thoughts?
I may purchase SDS shares (2x short fund) if this happens (and we don't just open tomorrow substantially lower/near the target) and ride them till SPY hits 267 for a quick 2%+ gain.
Note: The 266-267 target is a good 1:1 extension for wave C of the ABC pattern outlined, and it is also a good 1:1.618 extension of wave 1 (of the 5th wave of corrective wave C).
Thoughts?