There was zero chance shorts were not going to get their chains jerked Friday with a feint above the earlier-in-the week high at 4230.00. I said so in the chat room hours before the breakout, but without any great confidence about whether it was bulls or bears who would ultimately get hosed. If it had happened earlier in the session, I would have advised an ‘reverse abc’ short using this pattern. However, given the way things played out, we’ll have to wait and see what Sunday night brings before we can formulate a new strategy. My gut feeling is that the angsty price action will settle in favor of bulls and that we will be lifting our sights accordingly to p2=4325.50, but there’s no point in speculating until the new week begins. _______ UPDATE (Jun 8, 10:30 p.m.): What a shock. The futures spasmed up and down, 20 points at a time, without going anywhere! See my post in the chat room this evening if you want a more interesting story. ______ UPDATE (Jun 10, 8:58 p.m.): Even though the futures have spent a week in limbo, there is no reason to think they won’t reach the 4310.75 target of this pattern, and soon.
ESM21 – June E-Mini S&PS (Last:4238.50)
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