Up a little, or down a lot?

I believe that current market rally will continue for a while, however I’m pretty confident that there will be a pretty good correction at the end.  Predicting when this will happen in the tough part.   Monday I saw the opportunity to play it both ways.   I bought SPY at 116.65, sold-to-open S117  calls expiring this Friday at .78, and for every call I sold bought three S114 puts expiring Friday at  .27 for a net investment of 116.68.

If SPY continues its rally through this week to close above 117 , I will pocket a small $0.32 gain per share.  If the market sags , but does not tank, my worst case loss is $2.68 per share at 114.  If the market tanks my break even is 113.10 and provides $2 of profit per share for every point below that.