A 1532.00 target is the lowest of three we can extrapolate from a series of descending lows, but it’s sufficient to represent a breakout above highs from the last two weeks. The target isn’t worth much for trading purposes, although another at 1541.25 would be in play if the first is exceeded by more than a few ticks. Camouflageurs eager to pounce should view breakouts not as hysterical events, but as A-B impulse legs that beget ‘x’ entry triggers that can be exploited almost risklessly. Your best opportunities in this case would come from the very subtlest impulsive ABC’s that meet our simple criteria.
