In the video I am talking about trading SPY based not only on its own wave count but also paying close attention to wave count of TVIX. TVIX is  VelocityShares’ TVIX Exchange Trade Note is a 2X leveraged fund that tracks short term volatility. It is closely tied to twice the daily return of the S&P VIX Short-Term Futures. It trades like a stock. It is fairy liquid with an average daily volume of 30 million shares. What’s great about TVIX is that it does a great job of matching the short term percentage moves of the VIX. In many cases TVIX acts in inverse fashion to what SPY does. When we get a bottoming structure of five completed waves down in TVIX it is a great sign that SPY and ES may reverse its course from up to down.