I took a look at the Weekly chart and found the 50% retracement of the range of this whole contract is (336.90-286.20)/2=311.55. This is very close to our 1st target, which is the 27.2% Fib extension of the Yellow range on the Daily chart, which is 311.12.
So, as I mentioned in yesterday's post, Stochastics will very likely be in the overbought range on the Daily if we continue up and given the calculation above, I moved the 1st target to 310.90, which is about 2 ticks below the 27.2% target.
Also, it is possible we could hit that target today, and it would be nice to avoid the risk of holding over the weekend. It looks like a stretch to hit that target today but look at 8/13/20. That day had a candle 300.40-290=10.40 points. It's only 7:30am ET but so far today's low is 302. 302+10.40=312.40, which is higher than our 310.90 target.
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