Yesterday’s brutally choppy rally propelled the futures slightly past the 1714.60 target given here, leaving another at 1734.30 outstanding. Because the point ‘C’ low of the bull pattern lies all the way down at 1647.10, our rally target is likely to remain valid despite a selloff early Friday morning that had all but erased Thursday’s promising gains. For purposes of bottom-fishing your way aboard, there were no promising correction targets as of around 3 a.m. EDT (see inset) to use for camouflage. Under the circumstances, the best option may be to jump on the first uptrending abc that occurs on the three-minute chart. _______ UPDATE (10:20 a.m. EDT): The first such uptrend would have gotten you aboard at 1698.50 around 8:30 a.m. (A=1697.20 at 8:15 a.m.) This one required snap reflexes, however, and so I won’t establish a tracking position unless two chat-roomers report a fill. The subsequent push past 1734.30 is of course bullish going forward, and it doesn’t hurt that today’s move alone has notched yet two more ‘externals’ on the daily chart. Short-term targeting above 1734.30 is a little muddy, but if we slide ‘A’ down to July 12’s 1559.50 low, we get 1766.90 as our next rally objective.
