Wednesday’s rally breached the 32.19 midpoint pivot (see inset) by a decisive 59 cents, implying that further progress to the 34.97 target is no worse than an even-odds bet. Accordingly, I’ll suggest getting long to a 34.97 objective with a ‘mechanical’ bid at 32.19, stop 31.26. There’s a chance the futures could push higher without coming down to our bid, but you can increase your odds of filling, while greatly lowering the entry risk, by using a ‘camouflage’ entry. It should be based on an uptrending abc pattern on a chart of 5-minute degree or less.______ UPDATE (11:09 p.m. EST): Entry at 32.19 as suggested above would have caught a ride to as high as p2=33.58 and produced a quick gain of as much as $1390 per contract. The subsequent pullback left the 34.97 target intact, although not necessarily the trade. If you entered on multilots and took a partial profit at p2, use it to cushion a wide stop-loss for what remains, targeting 34.97.
