This rally is sucker-bait, but we may not get a chance to short the 1604.00 target given here yesterday, since the futures struggled without success to reach a lesser target at 1594.25 (see inset). The target remains valid nonetheless, but it should be shorted only with ‘camouflage’ because it coincides with an obvious structural resistance recorded on June 21. This gambit is for experts only, since a print at 1594.25 would create a bullish impulse leg on the chart shown.
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Tuesday, November 28, 2017
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