Daily (And maybe bigger) trend likely to be decided soon.

Recently we had a big flash bear trap and then a rapid recovery. These have happened in a lot of bull setups in SPX but it's also textbook for bearish Elliot waves (ABC).

The bearish EW signal would fill soon. If it breaks then I think we're likely to see continued upside momentum.

Plans to short a little higher and then if my stops hit buy a retest of the failed short entry.

Could be the start of something interesting if the 76 reject comes.

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Here's the basic bear EW structure.

Ideally we'd be looking for some sort of small harmonic in our potential reversal zone for entries/stops and optimal RR.

And failure of this pattern usually tells us we're now in a down move.

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Likely still a spike to 5167 for optimal bear entry.

Under 5126 I'd consider a bear break and try using bear momentum strats to follow.

But I really would prefer to be shorting into a horrific looking spike. That's where the +EV is.

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Spike setup failed I think. Which is a shame. Would be far higher RR.

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That's clearly sellers. Bear trend following while the bear structure holds.

Trade active:

Shorts into the retracement levels. Tight stops. Works or doesnt.

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That was a fun whipsaw.

Well, original limits filled.