A so-far $27 rally Sunday night is happening at the wrong time of day to be worthy of our trust, but we’ll give it the benefit of the doubt nonetheless if it can rise a further 9.80 to surpass an external peak at 1659.00 (see inset) that was recorded last Wednesday on the way down. There are no impulse legs on the hourly chart that would help us identify a closer or subtler benchmark; nor, with this rally under way, is there much in the way of a handhold for a ‘camo’ entry. The best I can offer shortly before 3 a.m. EDT is the minor-cycle rally target at 1652.40 shown in the chart. If it is easily exceeded, bulls can take encouragement.
