A previously identified rally target at 107.61 remains the best short-term play I can foresee at the moment.  That implies more than a point of upside potential to consider — and possibly to leverage — before we attempt to get short. Traders should be ready for the opportunity, which would come on the hourly chart this morning with a pop to between the two peaks of the last two days — respectively at 106.88 and 107.09 — followed by a b-c pullback and a new thrust.  If this all occurs in the first 60 to 90 seconds of the session, the opportunity would become all the more attractive, but you’ll need to be ready for it. (Note: We remain short the August 102/98 put three times in a 1:2 ratio @ 0.76 per, but we’ve written off this backspread for a $228 loss.)