Patience .....

The Wave (iii) targets have pushed a little higher since the G-7 meeting but alas it looks as if they didn't use enough ammo. The sub-waves are back on track with a little higher targets now except the Composite which has a much higher target. That would suggest a 'Blow Off' move as the SPX & DOW approach their wave (iii) Targets,but that is speculative. Patience is the Key.

Trying to 'Short' the top of the wave is playing with Fire,some may get lucky but most will not.The correct place to short or play an inverse ETF would be on the "retest" of the broken support, I.E.  a wave ii.
I also still believe that Gold will rise as the Us Dollar rises, albeit as counter trend pullbacks with in a Bullish scenario.

One must remember that 2x inverse Elliott wave counts on the larger wave scale run deeper than 1x, the bottom of iv can occur Below the top of wave I. So the buy & sells should be coordinated off the 1x equity.
   I personally like the 3x ETF's because experience has shown they follow the wave structure better.
I learned a very Hard lesson on Holding 2x inverse ETF's on a anticipated wave count. (IE, lost monies)
Any one wanting to hold a more longer term Inverse ETF,should stick to a 1x, such as SH (SPX).

PS, i'm watching for one more low in Gold,but it should not get any higher (spot price this morning is 1 pt above wave iv target) or a different scenario is happening.