The corrective pattern shown, along with its 1262.60 target, has been confirmed by precise reversals at p and p2. Getting short on Tuesday for the last leg of the ride south was more trouble than it was worth, but bottom-fishing at 1262.60 with a tight stop-loss, as one chat room denizen suggested, could prove worth the wait. A 1262.80 bid, stop 1261.90, will be the easiest way to initiate the trade, but if you want to reduce risk and have a better chance of getting aboard if the futures don’t come all the way down to D, a ‘camouflage’ entry is the best way to go. ______ UPDATE (June 22, 8:49 p.m. EDT): The slight overshoot of 1262.60 this evening implies lower prices ahead: 1255.40, or 1238.60 if any lower (240-min, a=1297.40 on 6/20 at 10:00 p.m.). There was no ‘camouflage’ trigger for establishing a long position, but if you used a 1262.80 bid, stop 1261.90 as I’d suggested, your loss on exiting would have been around $100 per contract.
