Pier to Somewhere or Nowhere

Below you will find a 10-minute chart of the SPY, actively-traded ETF for the S&P 500 Index. 

After some heavy selling this morning, buyers are trying for a bounce into the afternoon. To my eye, the purple lines could easily denote a bear flag, simply setting up more weakness into the end of week. 

$205.20 looks to be a short-term battleground today. And I view another move down under it as signaling a weak close. 

If that happens, I have my eye on some more shorts, possible back into CAT, AA, and am also stalking a long volatility play via UVXY. 

UPDATE: I went long $UVXY at $18.83 with a stop-loss below $18.50. Potential day-trade, ultra-long volatility ETF playing for pop in vol.