Getting hammered on this crude short. The big move occurred overnight while we were sleeping - unfortunately. We will be monitoring the action to see how we can minimize the damage and get on the right side of things.
In terms of stocks, the next two resistance levels for the S&P e-Mini futures are 1928 - 30 and 1950. Elliott Wave rules / guidelines tell us that 1928 - 30 is where the rally should stop. However, the pattern we see developing over the last several sessions indicate to us that 1950 is the more likely target.
We wouldn't be shorting unless and until 1950 is approached or tested on the futures. We would only consider selling longs (if you have them) at 1928.