The full extension of the pattern show puts this vehicle down as low as 1301.00 before it finds traction. The over-the-falls ‘A’ yields a somewhat less bearish 1310.00, but at that point, whose counting? I’ll make the lower number my minimum downside objective nonetheless, although camouflageurs are encouraged to take a stand at the higher if you can get in with under $50 of theoretical risk per contract. Shorting the little sonofabitch will not be easy if that is your preferred strategy, since price action over the last six days has been as herky-jerky as Bruno Hauptmann’s EKG in the last moments of his life. ______ UPDATE (2:58 a.m. EDT): Shortly before 3 a.m., the little s.o.b. was in a mild short-squeeze that could yield opportunity from the long side for night owls. A ‘b-c’ pullback just above from 1344.75 (2.75 points above the so-far short-squeeze high) would be the ticket. FYI, the bearish targets given above will remain valid in theory until such time as 1370.25 is exceeded to the upside.
