Switching from the November contract to the December yields a somewhat higher target at 3751.20. Like the earlier target at 3719.70, this one looks likely to be reached. However, the odds of an overshoot have improved by a tad. That’s because the futures spent a whole week consolidating just beneath the ‘D’ target, which would be a lot of work just to produce a marginal pop to a new high a mere $36 above the previous one. Regardless, we’ll be ready to get short there cautiously, since the pattern is compelling, even if too obvious to predict a top precisely. UPDATE  (Sep 18, 12:08 a.m. EDT): Fed “news” caused the futures to head-fake to 3744.00, slightly above yesterday’s all-time high. Having frightened themselves with this breakout, traders then retreated $64 to leave our short offer unfilled. The target remains valid, although it is no longer a good bet for us.