We have two possible scenarios:
1 - 5 waves ended at 1076 and today's high at 1087 was A and we are currently working on B or starting C to the Fibonacci retrace.
2 - There were 5 waves down on a W3 and we are now on W4 with a W5 target of 1062-65.
Portfolio Update
I sold another short position at 1080 and that netted me 55 points on 2000 shares of SDS and went long on FXI but got stopped out at break even on a backtest of today's low. I am currently holding 3000 SDS from 1125 and FXI long at the 1090 level to hedge. I waiting on the retrace to buy a total of 5000 SDS and sell all FXI.
Portfolio 1:
SDS net 9 points. Unrealized SDS (52 points), FXI - 7 S&P 500 points.
Portfolio 2:
SDS net 55 points
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