The provenance of a 1771.50 target that I said was a lay-up in today’s commentary is shown in the accompanying chart. The hourly bars are bearish at the moment, but the impulsive retracement could potentially yield a place to try bottom-fishing at the 1732.20 midpoint of the pattern A=1750.60, B=1727.00, C=1744.00. I would expect a tradable bounce from that number, and a precise one, but it should nonetheless be bought via camouflage using the ‘x’ entry trigger of a minute a-b-c rally.
