1676 to be challenged

The market gapped up again today in what seemed like it was going to be a bullish W3 but as soon as it hit the rounded top trendline the wave reversed again overlapping the previous impulse wave and closing the day in red. And now that we have all these waves in place, I am labeling them a double zig zag to form a B wave and we should see a bearish C wave coming as soon as tomorrow to test 1676. However, if we go by the wave I have labeled as W1 from 1698 to 85, then the 5 count  projects to around 1660-65 which happens to in the area of 1.618 of A wave. Also, the 50 day ma is at 1646 and rising a few points per day so that might ultimately be a target as well. 

I ended up holding to my VXX but did not add so the plan now is to sell at a profit (hopefully since one never knows with this thing!) at the completion of the 5 waves and load back up with SPY. And from now on I will be trading VXX only at 5th wave completions, it is crazy to see the VIX shoot up while this thing goes down with a mind of its own.

Main S&P 500 Trends*

Short Term Trend = Neautral Leaning Bearish

Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.