It looks like Bill Gross has found his next big short ...

Bill Gross has found his next big short: Chinese stocks. 

In a tweet on Wednesday, Janus Capital tweeted that Gross' "short of a lifetime" - the German bund - has worked out so far. 

And Gross has identified the China Shenzhen index as the next big opportunity. 

However, ths short is not ready quite yet.

Gross said in late April that the German bund was the "short of a lifetime," but said that you'd have to wait until September 2016, when the European Central Bank is set to end its quantitative easing program, to put this trade on. Except this timing didn't really work. At all.

In the last few months, the yield on the 10-year German bund has risen from around 0.05% to 0.8%. This trade is happening now.

And in his latest investment outlook, Gross said the trade was "well timed but not necessarily well executed."

And so Gross isn't yet ready to reveal just when the time will be right to short Chinese stocks, but after an absolutely massive run in the last year, Gross is getting ready to call the top. 

Here's the huge rally in Chinese stocks, which Gross thinks might be over. 

Google Finance