Yesterday’s gap-up opening was in fact the bull-trap we’d expected, and it brought this vehicle to within inches of our 156.01 target. The 155.67 actually achieved wasn’t quite close enough to get us short stresslessly, however, and so initiating a position will have to wait until Wednesday (assuming the perfect opportunity arises). Adroit camouflageurs are encouraged to attempt the trade in less-than-perfect circumstances, since this is a high-odds spot for a tradable top to occur. (It’s also possible that last Thursday’s 155.74 peak was the top we’ve been looking for. For that reason, you’ll need to pay close attention to minor impulse legs in the opening 15 minutes of Wednesday’s session, since they could yield the sort of subtle opportunity that comes and goes all too quickly.)
