ESZ10 – E-Mini S&P (Last:1189.00)

Look for a tradable peak at exactly 1192.25 on the next thrust.  That’s a single tick lower than the target given here earlier, and it can be shorted with a stop-loss as tight as 1193.25.  If you’re looking for a way to enter with the uptrend, consider doing so via camouflage on a pullback to 1174.75, the ‘X’ entry point of a lesser pattern.  The midpoint of the larger one is 1182.75, and a decisive move past it Monday morning, particularly on a gap, would all but guarantee a move to at least 1192.25. ______ UPDATE (2:19 a.m. EDT):  Okay, I’ll admit it: The idea of hacking off my right arm if the futures failed to rally to at least 1192.50 seemed pretty ghastly. Fortunately, I won’t have to make good on my promise from last week, since the futures, driven by the usual gang of Sunday night pederasts, drivelers, lobocks, and parepithymiacs, have spiked to exactly 1193.00 so far this evening, triggering the short advised above.  Since three ticks were risked theoretically at the outset, we needed at least three time that — or nine ticks (2.25 points) — on the pullback to implement a no-loss-likely trailing stop on a single-contract position; and/or to take a partial (50%) profit on a multi-contract position.  In either case, if you want to be ultracautious, consider stopping yourself out if a bullish impulse leg is formed on the three-minute chart; on the five-minute chart if you want to be slightly more daring; or above the 1193.00 high if you want to swing for the fences.  Meanwhile, since the futures have already pulled back to 1188.50, making the short profitable on paper, I’ll turn the management of the trade over to you and say good night!