The maniacal bounce in the final hour from yesterday’s lows is robustly impulsive on the hourly chart, warning shorts not to get too complacent, even if you entered well above these levels. For trading purposes I’ll suggest using a camouflage buy-stop at the conventional entry spot shown hypothetically in the chart. (In that regard, please note that it will take a relatively hefty pullback to bring this vehicle into the retracement window.) Finally, I’ll mention that the very bearish target given here earlier at 954.00 is still valid — not to mention, a good reason to try and lay out some shorts near its midpoint sibling, 1088.75. That is logically a good minimum upside target for this short squeeze.
