ESM14 – June E-Mini S&P (Last:1903.25)

Traders should use the 1913.50 target shown as a lodestone on Monday.  The opportunity to get long ahead of the move may pass with Sunday night’s session, but you can try shorting there in any case with an initial stop-loss at 1914.25. If the futures take out the stop, look for further, albeit limited, progress to the 1917.25 target of the larger, alternative pattern shown. _______ UPDATE (10:36 a.m. ET): This trade worked beautifully, since the futures peaked at 1914.00 just before dawn. I suggested covering half of the position in the chat room with the futures down near 1906.00. However, if you shorted only a single contract, or have already taken a partial profit, implement an impulse-leg-based stop-loss on the 5-minute chart. At the moment, that would imply stopping yourself out on an uncorrected thrust that exceeds two prior peaks, including one at 1911.50 recorded at 9:55 a.m.  If I hear from two people in the chat room who got short and who are still short, I’ll establish a tracking position.