The weekly chart offers the most compelling picture for the near term, since it has three single-bar coordinates and a bearish impulse leg that meets all of our rules. It projects to 1226.50, but we’ll want to try bottom-fishing via camouflage near the 1301.25 midpoint support — my minimum downside objective for the near term. Night owls looking to get short will have to contend with a series of dueling impulse legs on the intraday charts. Under the circumstances, your best bet may be to go against the trend, tightly stopped, at a D target on the five-minute chart. _______ UPDATE (July 26, 1:50 p.m. EDT): Because the futures have moved higher this week, I’ve refreshed the chart to show a bullish target at 1383.50 that has been in gestation since June 12, the day the ‘X’ entry price at 1318.75 was triggered. If the target is achieved it will have been a long time in coming, but it remains valid nonetheless. It is also a logical spot to try shorting very aggressively. Please note that there is an alternative target at 1378.25, based on the one-off point ‘A’ at 1260.75; and still others, at higher levels, based on the B-C pairings shown in purple and orange.
