A 1766.90 target is in play at the moment, but let me stretch the bullish imagination a bit with a larger pattern that projects to 1801.30. The pattern seems not very compelling because the point ‘B’ low is only slightly higher than ‘A’. However, even a single tick’s difference qualifies the uptrend as such, and so we should have no qualms about using it predictively. Accordingly, the decisive move through the 1668.40 midpoint is evidence that bulls are likely to achieve their/our objective. With the supply of external peaks on the daily chart exhausted, traders will have to be nimble to get aboard, but I’d suggest using a ‘timed buy-stop’ on the 15-minute chart or less following a b-c pullback on the chart shown. I’ve sketched this hypothetically for your further guidance. _______ UPDATE (September 14, 3:10 a.m.): The steep trajectory of the rally has brought our 1801.30 target within easy distance more quickly than we might have imagined. The target itself is sufficiently compelling that even a small overshoot of perhaps $1.00 to $1.50 would be evidence of unspent buying power eager to play out next week.
