Expected path for the S&P 500

Expecting a sharp drop on the S&P down to the 1310 level, where we can expect the end of the ABC correction as shown on the chart.. Of course, there is always a chance, the drop just goes into free fall, or maybe even not reach the target mentioned (bear in mind, as of this writing, we're still approx 22 pts away), yet should we get there, a prepared trader can enter with a stop loss just 3-4 pts below..

Trading, unlike most professions is an art.. and even if one plans on entering on  a specified level, say 1310, its always better to wait and see if the market at least shows some support there...sometimes, an entry and a stop are placed, and the market just drops like a stone, hitting both orders before you have time to react...Also, as a first entry, a small order is advised..Should the market hold, more can be added when the first position shows a profit...