The month of May began for this vehicle with a bearish impulse leg, and now it has added a week of pooch-screwing in preparation for a presumptive ‘C-D’ follow-through leg. So far, however, the corrective rally has not been sufficient to recharge the futures for another plunge. That would require a move up to at least 1375.00, if we assume that last Wednesday’s 1339.25 low endures as a point ‘B’ for the pattern. Once the futures have fallen to point ‘X’, we can attempt to get short via camouflage by using, perhaps, a chart of 5-minute degree or less. For your further guidance, I’ve hypothetically sketched this out on the chart. If at least two subscribers report that they’ve been filled in the way I’ve indicated, I’ll establish a four-contract tracking position.
