Monday’s constipated short-squeeze ended with the futures hovering just above last Thursday’s peak. Thus did a tiresome rally generate a bullish impulse leg on the intraday charts, although not on the daily. Under the circumstances, my outlook and trading bias for the very near-term will necessarily be bullish, but with a cautious eye toward the 2304.00 downside target identified in yesterday’s tout. It will remain in play until such time as 2375.00 has been exceeded to the upside. Night owls may be able to catch a possible next leg up using the ‘camouflage’ pattern shown to reduce the risk. If the eventual point ‘C’ low falls within a few ticks of A=2342.00, you should jump on the trade ‘counterintuitive’-style.
