$SPY Downward Momentum May Be Halted...For Now...

Well, the way the last candle looked in SPY, it would appear the strong down pressure has been halted for the moment. In looking at the chart, it is beginning to appear we may be headed in a direction similar to a Three Drives Pattern. If this is the case, SPY could very well see new ATH's before failing in earnest again. I would actually expect to see a flase breakout from ATH's resistance trendline in order to confirm this bearish three drives pattern. My targets for this pattern would be next 306-307's area, and then around the .618 of the origination of the pattern, which puts bottom target around 278's. Long way to go before this type of pattern could be confirmed, but its definitely a possibility I am exploring. Under 295 this is still in a bearish tilt, consolidating for a new fast leg down to 274's area. My current plan has been to buy puts on daily rallies at around 10:30 am. However, as I am a technical trader, price action dictates my plan, not emotion or even underlying fundamentals. For this reason plans change accordingly, and only bad traders do what they said they would 3 weeks ago when the price action since hasn't cooperated. So far my plan has worked out well on daily shorts, but Fridays strength leads me to believe that we may be headed to resistances rather than supports. If you are not in yet, I would would wait on a confirmation first, which long would be a break and close above 295, for short a break and close below 282. In the meantime, could play short term options for some quick daily cash. Really depends on what type of trader you are. For myself personally, I am still in my short daily rallies around 10:30 am plan, which has worked nearly every rally except for Friday. Just wanted to lay out my "Plan B" plan in case Plan A gets negated. I will be posting a more longer term chart explaining my levels and what they mean to me on a much bigger scale, so stay tuned if you are interested in hearing a multitude of plans. Happy hunting, and GLTA!!