The monthly chart shows the 14970 target that I alluded to in today’s commentary as a possible terminus for the Mother of All Bear Traps. Although the futures have grown heavy in the C-D phase of the current bull cycle, it was to be expected, since they are taking the measure of the U.S. stock market’s all-time high. Even so, you’ve got to respect the pattern, which consists of a very legitimate impulse leg and three single-bar coordinates. You should take note as well of the 14098 target of a lesser pattern. I included it because it would seem to coincide very closely with the 1548.25 rally target I’ve proffered for the E-Mini S&P.
