There are three powerfully impulsive ABC rally patterns of differing degree driving this move, so there should be little doubt that the futures will achieve the 1382.80 target broached here previously. As always, we’ll be looking to see whether buyers can push this vehicle above our benchmark, and how easily they do so. The 1382.80 target is as high as I am able to project for now using 2016’s ups and downs to locate ABC coordinates. But as the rally extends, building on impulse legs of lesser magnitude, it would generate fresh targets above 1400.00. That implies a significant pullback along the way, but because it would presumably be corrective, we shouldn’t fear it. As long as the correction comes from above some discernible ‘external’ peaks to the left — the more imposing, the better — the selloff should be regarded as a buying opportunity. On the continuous weekly chart, there are potentially useful peaks at the following prices: 1392.60 (3/21/15); 1432.90 (8/30/13); and 1487.20 (5/3/13).
