Monday’s rally was strong enough to spook a few bears, and it even generated a fresh impulse leg on the hourly chart. However, it left a larger, bearish pattern intact, and that’s the one that still rules. It would be negated by a move above the 2109.25 point ‘C’, but until such time as that happens we’ll continue to use the 2040.75 target for the near term. There are mechanical trade that could be attempt, respectively, at p and p2, but price action has been so wacky lately that I’m not going to recommend any specific plays for night owls.
