wait for it

For being down 500 points on the Dow yesterday and an afternoon rally of a couple hundred points while closing negative across the boards, there's an awful lot of "bottom" calling going around. Volume wasn't very convincing and all we seemed to accomplish today was a rally to our intra-day highs before selling into the close. hmmmm, I'm not convinced. We need a strong trend day of buying. The late day sell-off was pathetic.
The setup I focused on today was an ETF of the S&P500.
SSO - ProShares Ultra S&P500 ETF on the 5-minute chart, formed a descending triangle.
As selling dried up we got a pop out of the triangle. A measured move put our target above the highs of the day. Being that this is a bear market, and essentially a "counter-trend" move my target was the highs of the day, which is exactly what happened. I wanted to close out and enter short from that point as momentum diverged, but I thought we might get a pop to the upside, instead we dropped like a stone.SDS provided the mirror image of a trade. So, if you wanted to go short at the end of the day, but couldn't acquire the shares, you could have gone long SDS.