Price & time in SPX & UUP do suggest possible turn in play

Following up on my prior post this morning about possible turns from the dollar's symmetry move testing 80 in the $USD dollar index, here are two hourly charts of the SPX and the dollar ETF called UUP. The SPX made a swift drop from 1150 of 60 points to 1090. Then consolidated until it reached a high retest of 1100, at 1104. That consolidation took about twice as long as the first swift drop. Then another swift drop of 60 points from 1104 to 1044 (in about the same time it took for that first drop). This also resulted overall in a move that dropped to Terry Laundry's mid-channel line in his T Theory, then ultimately to his lower channel band (that was at 1046 as of Friday morning). I'll let Terry Laundry speak for himself of course. Just a couple quick points about the price and time.

First, though it's tempting to call it a zigzag ABC with price and time symmetry, I think the consolidation inbetween took too long for what would be the intervening B wave. Second, that leaves the probability that some other wave structure is in play that doesn't support the idea that equities now rebound to new highs.

Third, we've got a lot of technical damage done, despite some positive divergence showing up. Finally, the cycles reasons to expect lower into March.

However - given what looks like some type of 5-wave move down in the SPX and up in the dollar (UUP), with the selling picking up in UUP on Friday, it isn't unreasonable to expect some decrease in volatility just ahead.

I've seen a suggestion elsewhere that the move down to 1044 on Friday could have completed the entire first wave (or wave a) down from 1150. If that's right, then we'd expect a wave 2 (or b) up to retrace at least .382, or better .50 or .618, of that wave down. I suppose it's possible although the consolidation that would have to be its internal 4th wave looks a little large. Anyone having that idea will have to stop out if and when the SPX pokes under Friday's low without having made a retrace of such an amount.

How to swing trade this? My inclination is to allow for some more poke up to perhaps the 1070's or 1080's, while remaining overall defensive (short). If the SPX were to get much higher than that, then to stop out and reassess. Because our overall perspective is lower into March. If the SPX moved over 1090 and especially 1100 near-term, it wouldn't change this overall perspective, but only would alter our ideas about the wave structure that leads the market down over that time frame.