So far, so good. The futures took a big leap today that exceeded by half a cent the 17.295 rally target I’d provided. That’s not sufficient to make me confidently bullish, but the fact this vehicle appears eager to take another leg up after a so-far shallow correction from the intraday high is surely encouraging. I would become a raving bull, however, at least for the near-term, if within the next 3-5 days the March contract were to exceed three closely-spaced external peaks recorded in mid-November, respectively, at 17.330 (11/15); 17.500 (11/14); and 17.570 (11/13). They are shown in the accompanying chart. _______ UPDATE (Dec 11, 6:40 p.m. ET): Night owls can use the following, still-developing pattern on the 120-minute chat to get long ‘counterintuitively’: a=16.705 (12/7 at 2:00 a.m.); b=17.300 (12/7 at 2:00 p.m.); and c=?. If the still unformed ‘c’ low occurs somewhere between 16.740 and 16.790, the set-up would be most enticing. _______ UPDATE (Dec 12, 9:17 a.m.): The counterintuitive trade tripped at 4:25 a.m. when the futures rallied to x= 16.884 off a 16.735 point ‘a’ low (see inset, a new chart). The low was a single tick beneath the bottom of the ‘ideal’ range I’d given, but it was still very usable since it occurred fully three cents above the low we we’d chosen for point ‘a’. If you did the trade and took a partial profit at p=17.033, you have a 59-point ($2950) gain so far and are shooting for d=17.330, where I’d suggested exiting a third contract from an original position of four.
