EARLY or LATE You guys are all right!
The way this works...
The RED OBJECT
i.e. E=1st call, EP=2nd, LP=Not E, SR=Not E or EP.
... predicts the running style of the race.
Another way to look at it is:
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RED E Means should be 1st call, possibly 2nd call, but not likely later.
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RED EP Means should be 2nd call, but could be 1st or 3rd call.
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RED LP Means could be anything after 1st call.
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RED SR Means should be Str Call or Last Furlong, but might be as early as 2nd call.
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Pay special attention to the SHOULDS versus the COULDS.