If price doesn't collapse, then we are likely in an ED

We closed right below the trendline, but price has yet to look impulsive. Unless we immediately start a selloff Monday morning, we are likely in an ending diagonal structure. This is where the last wave, instead of being 5-3-5-3-5, is a 3-3-3-3-3 making each move higher (in this case) being smaller (in terms of price) than the previous move. EDs are prone to immediate and sudden reversals, so it is nice to be aware of possible EDs as they can provide very profitable trades. Options can provide big payoffs especially if use front month slightly out of the money options as the risk is small but the reward can easily be 3-5x if not more.

I'm currently flat but I'll be looking at the SPX 840 level to open up short positions.