Switching now to the December contract, we see that the futures pulled back far enough yesterday to be considered recharged for a bull thrust to as high as 1680.70. That’s based on C=1614.20, but if a follow-through rally indeed impends, a further pullback to the trendline shown would be a logical place for the futures to get traction. That trendline will come in today at around 1608.50, and I’ll recommend that camouflageurs try getting long there if an opportune uptrending ABC pattern materializes very near that price on the lesser charts. _______ UPDATE (August 2, 1:28 a.m. EDT): Yesterday’s downdraft penetrated the trendline cited above with a low nearly $14 beneath it, but this had no impact on a short-term bullish trend that would trip a ‘buy’ signal at 1611.70. That’s assuming yesterday’s low at 1595.00 endures as a point ‘C’ low (see new chart). Camouflageurs should look for a way in using the 15-minute chart or less and, if the entry trigger occurs during the regular session, a timed buy-stop.
