Our key bellwether has bounced robustly from Wednesday’s lows, although it did not quite come “roaring back” as the stock has done so many times in the past. That said, the afternoon stage of yesterday’s rally was strongly impulsive, since it surpassed three peaks, including the required “external”. That implies that any pullback from the next peak would be a screaming buy. Hidden Pivot aficionados might be interested to know that the impulse leg is not as powerful if you display it on the hourly chart. That’s because it changes the values for #2 and #3 tops so that they are equal. In that light they would both be “internal” highs, and so the rally would not qualify as truly impulsive.
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