S&P500 : Last Chance for Triangle Right Shoulder

• Recall the feeling here was that the weekly SHS top in S&P500 could be a long drawn affair with the right shoulder possibly being a triangle (ie difficult to trade).
• The short position in ESZ0 was thus reduced while we waited for higher levels to re-establish.
• Wait over. Have just sold a rather sizable chunk of ESZ0 @ 1121 = appx cash 1126.
• Tight stop on entire position : cash close above 1131 = top of right shoulder triangle.
• If this doesn't work, give up on shorting equities. My last shot.
• If I am right and the rally stops around here, then we would have nicely formed the 4th point of the triangle. The correct trade then would be to look for the downside break of the triangle.