S2 Option Trader

[SyndicateTwo]

This chart I think shows that we are now in a downtrend. Looking at this, and the futures now up 10 points on the SPX, it looks to me as if we're going to test the upper end of that downtrend around 1295ish and then fall. This is probably a small 4th wave rally before the 5th. Because you can count a clear 5 waves setting up - that is, if we fail around 1300 or lower - that means this is most likely the beginning wave 1 of a new larger wave count down. We'll see. Only a close above 1310 to 1320 will negate this.