The hysterics of the last few days have alleviated the boredom of a rally that had been largely untradable for weeks, but we should be careful what we wish for, since we’ve now got a real handful. Much as the permabear in me would like to say it’s a topping pattern, notice how the minor abc corrections are not reaching their ‘d’ targets — are in fact reversing from near their ‘p’ midpoints. The implied bullishness of such price action would be further affirmed by an impulsive upthrust, but that too has been missing, at least so far.  It would be remedied by a print exceeding the 1547.50 ‘external’ peak that I’ve labeled. If you’re looking to get long via camouflage, I’d suggest jumping on the trade if a pattern develops that yields a b-c pullback from just above 1547.50. Click here to learn more about my proprietary ‘camouflage’ trading method.