The 1779.75 rally target mentioned in today’s tout is shown in the accompanying chart. It is somewhat unconventional because of the elongated and well corrected impulse leg, but it can be justified nonetheless because after getting second wind, the rally exceeded a fresh ‘external’ peak at 1227.00 recorded in August 2008. There is also discernible hesitation at the p midpoint. Despite these bullish factors, the futures remain a speculative short from these levels provided the trade is initiated via camouflage. I’d suggest monitoring the 15-minute chart to qualify opportunities.
