I mentioned some VERY important rally targets in the chat room the other day, but here they are officially:  For the December contract, the key Hidden Pivots lie at 1138.50 and 1140.00;  for the March contract, the respective pivots are at 1127.25 and 1129.50.  What is interesting about these sets of numbers is that they do not come from “alternative” points “A”; rather, they are closely coincident targets calculated from patterns of two different magnitudes.  As such, we should expect each target range to exhibit double stopping power. I have included a  weekly chart that shows there were no tricks in deriving the targets. Both come from impulse legs that meet strict criteria, and the only thing that mars their perfection is the lack of a one-off A in early March to begin the larger pattern.

There is little doubt in my mind that these pivots have the potential to end the bear rally begun on March 9, so the question is whether they will be reached at all.  Usually, we categorize an important rally target as unachieved as soon as a near-miss gives way to a bearish impulse leg of hourly-chart degree.  In this case, that would imply a print at 1053.50 following a leg down that is unpaused after exceeding 1073.50. We needn’t wait so long for confirmation, though, since subtler signs of a trend failure are already developing on the lesser intraday charts.  I suggest using today to gather further evidence, which will accumulate as corrective patterns either succeed or fail to reach their ‘D’ targets. The December contract has come within 22 points of the target, but my hunch is that it is capable of getting closer to it — i.e., 1122.00 or higher — before failing.