Wave 5 Vibes in SPX. Very close to puking my bullish positions and reverting back to being a bear (although I hate to short at these levels, I'd probably wait for a break and rally) but this is possibly a wave 5 spike out.
If it is, then we'll see a big rally to over 6000.
Big attempts at this on now, largely weighted with deep OTM calls so they're cheap to lose.
Wave 5 would be about over now if this is correct.
Otherwise, I think we'll end up trading 5000. Would just be a matter of what path. I'd not short immediately, but I would bail on longs quickly.