SPX Update

Here is my latest SPX chart. It looks fairly obvious to me that the SPX is forming an Ending Diagonal. The moves from the bottom of wave 4 struggle to be defined by any other patterns. In line with this count I expect an increase in risk appetite over the coming session, before a reversal and sharp fall later in the US session. I have sold out of my previous short from 1160 at break even and will look to re-enter again at around 1180. This is a very long term trade and the risk to reward expected on it is excellent. Because I expect equities to top out here and plummet for months a set target cannot yet be defined as yet. Keep risk at 1220 if you can or at least at 1195, just above downward sloping resistance if you want to keep risk tight.