Bearish correction targets at 1623 and 1588 still beckon, but we shouldn’t ignore the small encouragement of a bullish impulse leg that was created by a modest upthrust late Tuesday night. It is shown in the accompanying chart, and although the pattern has already triggered a false entry signal at 1655.00, another that would follow a second point ‘C’ in the making is reason enough for night owls to pay heed. _______ UPDATE (9:35 a.m. EDT): Entering at the second ‘X’ would in fact have produced a profitable trade to within 0.90 of a 1660.00 target. A somewhat larger, easily tradable uptrend that began yesterday from 1641.20 at 8:30 a.m. also narrowly failed to reached its target, 1661.20, foretelling the pooch-screwing, feeble price action that is continuing as of this moment.
