The downtrending pattern shown yields three potential trading opportunities, presumably for night owls, if the 1925.00 high holds as point C: 1) play for a bounce from either p (1917.75) or 2) D (1910.75); or 3) go short on a breach of p. Keep in mind that any bullish bets will be going against a larger downtrend that could start to snowball and which we are already short two contracts (of an initial four) from, effectively, 1960.00. If either of the supports identified in the chart gives way easily, that would add weight to the big-picture bearish case. Note: We’ll roll our two short contracts into September, using a 1954.00 basis. _______ UPDATE (June 16, 1:47 a.m.): Friday’s rally altered my parameters slightly, as shown, creating a new midpoint support ay 1918.75. That is the exact low so far Sunday night, but if it’s breached, 1907.75 will be the next stop on the way down. For the time being, our tracking position of two short contracts from a profit-adjusted 1954.00 should be tied to an impulse leg-based stop-loss on the 30-minute chart. Currently, that would dictate an exit on a rally exceeding the 1931.75 peak shown. Keep in mind that the rally would have to be uncorrected once the peak at 1929.75 is surpassed. _______ UPDATE (June 16, 9:48 a.m. ET): This morning’s running of stops has invalidated downside targets given above. I don’t see this hoax getting very far, but I’ll suggest raising the stop-loss nonetheless to 1935.00. This time, the stop must be achieved by an uncorrected impulse leg on the 15-minute. _______ UPDATE (10:10 a.m.): Raising stop again to 1939.75, and it must be achieved impulsively, no corrections, on the 30-minute chart.
