At current prices, the $20 thrust that I’d said yesterday was needed to energize the intraday charts has now grown to nearly $30. Night owls eager to catch a ride on the northbound will have one potentially easy opportunity to do so via camouflage. For this purpose, the 1623.80 ‘external’ peak that I’ve labeled holds the key, and using it is likely to require a nimble response if a b-c retracement from just above it occurs as we might hope. ______ UPDATE (10:37 a.m. EDT): The tiresome dirge toward a modest, 1653.30 rally target identified here a while back appears to have aborted with this morning’s plunge. At the very least, the weakness has turned the tortuous rally into a duel between bulls and bears, since the weakness is impulsive on the hourly chart. A somewhat larger picture, using May 1’s 1674.30 as point ‘A’, yields a downside target of 1497.90 on the 480-minute chart, so we’ll use that as a minimum price objective for the near term.
