On the hourly chart, the futures have not corrected Thursday’s rally sufficiently to be recharged for another leg like it. Notice that the retracement would need to have come down to at least 930.40 to get into the correction ‘window,’ whereas the actual low so far (i.e., as of 1 a.m. EST) has been 931.10. To calculate a rally target, we must therefore drop down to the 15-minute chart and use for ‘A’ a low at 922.20 that occurred at 12:30 p.m. EST. B and C are 937.50 and 931.10 respectively, yielding a target of 946.40 and a 938.75 midpoint. The latter can serve as a minimum objective for the near term, but if it’s easily brushed aside, consider 946.40 a done deal. Please note that all of those numbers would become moot if the futures first pull back beneath 931.10. That would still leave the larger uptrend intact, and it should be viewed on the hourly chart to determine its tradability. ______ UPDATE: Gold joined in the whacky price swings experienced this mornng by the major averages, but not before topping at 945.90, less that a dollar from our target. Two hours into the day session, it appears to be consolidating for another upthrust, but I won’t hazard a guess as to how high until things settle down a bit.