Although I’d advised you to forget about shorting this vehicle until it hit 1594.25, getting long should be attempted only with great caution. Notice how the corrective abc begun from Monday’s high reversed precisely from its 1552.50 midpoint support. That is implicitly bullish, but initiating a ‘camo’ long at x could subject one to an all-nighter waiting for enough lift to get to p. You’ll know by the time you read this how things played out, but my hunch is that the relatively modest rally will stall at D, asssuming it even gets there. (Late bulletin: C was a tick from getting breached.) _______ UPDATE (12:03 p.m. EDT): The futures launched from a slightly lower point C minutes later. When it becomes available shortly, check out the recording of Lesson #2 in the No Trader Left Behind series, since we’d anticipated this trade via a timed buy-stop that would have worked effortlessly.
