As I expected the SPX is now trying to correct back down to close the gap G1 and retest the break above NL that confirmed the Head-and-Shoulders Bottom (HSB) pattern.
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There are also two small Head-and-Shoulders Top (HST) patterns that imply moves to OBJ1 and OBJ2.
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The real question is whether the upsloping channel ST-S1/ST-R1 is going to hold. If it fails, the implication is right down to NL at 875.
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I'm out of time. So for now, I will gamble on the channel holding and will go 100% long with capital not managed by mechanical methods if the SPX is between OBJ2 and ST-S1 at my fund cutoff time.
