The rally peaked a single point above our 1153.75 target, then pushed up to a nominal new high after noodling around for most of the day. Short-squeeze dynamics obviously still obtain, but I’m not going to try to predict how all of the wicked crosscurrents in motion now are likely to play out on a Friday, when slapstick traditionally reigns. The pattern shown in the chart is far more elongated than those I tend to like, but I am proffering it anyway on the strength of the sibling resmblance between k-A and the b-c correction. It yields an 1168.00 target, but I’ll leave it to your daring, cunning and imagination to find a way to make hay with that number.
