The peak of Friday’s thrust missed exceeding our bullish trigger at 32.880 by three cents before the futures relapsed into a bearish impulse leg on the hourly chart to end the day. The pattern, shown in the chart (see inset), projects to as low as 29.545 short-term, provide the point ‘c’ shown remains intact. Sunday night owls would gain no special edge trying to bottom-fish, since the minor downtrend is coming off a failed (i.e, ‘sausage’) point ‘B’ top. However, a ‘camo’ attempt to get long would be another matter, since the theoretical risk of entering at a minor, northbound point ‘x’ could probably be held to a few ticks. I’ve sketched out such a possibility in the chart.
