ED Spreads : Right Shoulder ?

• Comforting to see ED spread down move intact thru recent return to Risk On.
  
• Like cable, could be forming a right shoulder of sorts now. Can't tell how high the right shoulder could go, but +81.5 appears good first guess, judging from recent price action.
  
• In any case, NL at +77.5. Must consider adding on to short position on a close below NL (=SHS top).
  
• This is a lot less whippy than other Risk Off trades out there.