SPX/SPX500 bloody roller coaster

Yesterday was tough. Burnt quite some cash trying to catch falling knives. Lesson - if the market gaps against you - get out and wait! Gaps are rarely closed within one trading session.

Today I am bullish again despite I still hold some shorts from yesterday. The structure now looks like a proper ABC flat formation in the making. It means a strong, unexpected rally is due today which will knock out bears and make everyone bullish again before the price finally collapses towards the end of the summer.

Despite I am scared and unnerved by yesterdays move (I did not expect that - more room for scenario planning) I have to go long as my count commands.

To mitigate the risk and respect another possibility I made an alternative count in pink. I do not like it because wave c is out of proportion and it does not look and feels right.