I’m including this trading vehicle in today’s list because its immediate downside target at 17310 is better defined than the E-Mini S&P’s target. This is mainly because the A-B impulse leg meets all of our ‘beauty contest’ criteria. A tradable implication, presumably for night owls, is that a rally back to the 17617 midpoint pivot could be shorted mechanically with a 17719 stop-loss. Camouflage would be the preferred entry tactic in any case, but you shouldn’t attempt the mechanical trade unless you perfectly understand its risks, which are considerable. Notice as well that I’ve used a one-off ‘A’ to project the target, but sliding up to the visually obvious ‘A’ would imply a tradable bottom at 17262 (and p=17593 — 4 points from the so-far high of the snapback rally). _______ UPDATE (9:35 a.m.): The bounced I’d characterized — perhaps prematurely — as a hoax has in fact tripped a sell signal at 17639, but that is in the context of a lesser rally pattern that tripped a ‘buy’ at 17678 (30-min, a=17540 on 3/31 at 11:15 p.m.). On balance, I’ll use the latter pattern for now. But it implies the futures need to push past p=17725 to show some guts. Thereafter, D= 17819 would be in play.
