Had to exit the long puts and short call spread SPY 206.5/10 since ES2045 crossed in the morning–meaning it was not playing out the pattern I was expecting.
Did not want to take the risk of a big Fed move – so exited before the announcement. Need more clarity on the pattern. No trade for now.
May re-enter tomorrow if pattern clears up.
If today’s Fed drop and rally was a wave 2, then the wave 3 rally would have to continue strong into tomorrow. Otherwise, possibility exists that the Fed announcement finished the c-wave of the larger B-wave.