Bears were on the ropes and getting pummeled early Friday morning, following a Whoopee Cushion ride during the day. Shortly before 4 a.m. EDT, although the futures were stalled at the 1946.75 midpoint resistance of the pattern shown, a breakout appeared likely. Were that to occur, a follow-through to at least 1957.75 would become an odds-on bet. Night owls can use the 5-minute chart and ‘camouflage’ to get long off a lesser pattern, but I’d suggest reversing the position at the target with a stop-loss of the short as tight as three ticks.
