My S&P Trade Plan

The market spent much of the remaining hour using up allot of buying power to achieve a measly 2.5 gain at the 15 minute chart level (not shown). I could easily make a case that I have 5 waves up and done at the close. This, along with harmonic corrective moves (see chart below) and waning momentum (not shown) has me on alert for a reversal. However as you will see in my trade plan for tomorrow, being cautious is prudent. 

THE TRADE PLAN

Above is my preferred count. If correct, I'm looking for another down up sequence to complete the ending diagonal pattern. There is massive resistance between 1289-91as well as the following reverse fib levels as measured from w.(b) to w.(a) [see chart below].

Above is another 60 min. chart of the emini that shows the opening print as of 10:00 est. I often find that the first 1 1/2 hours of trade ends with a smooth transitions to the previous close. I've placed the same resistance levels on the chart but if you look closely 1289.75 is my w.iii low. So this provides structural resistance as well. 

So the stage is set. If the market obliges, then I'm looking to go short. Should the market complete the pattern in the ON session or if a top is already in as stated above, then I'm looking to short against the highs as long as I can count a five wave decline.

Let's see what happens.

Best of Trading