SPY has now fallen below the previous uptrend channel after completing a minor wave 5, and potentially the grand cycle 5. If this fall continues past 198, the previous 4 up, there is a very good chance that this is finally the end of this 2 year topping process....
If there is a rally back above 217 then the short will be closed and instead go long for what would be a minor wave 3 upward with some quick profit potential. However, OBV and the current short term wave structure seem to be saying that the new trend is down so the short play appears to be the higher odds...