The midpoint support of the pattern shown has yet to be breached, but if and when that occurs it will open the sluice gates for a selloff equivalent to about 330 Dow points. We won’t speculate by jumping on put options immediately, since no one ever got rich buying puts based on bearish hunches. Instead, we can wait for a rally and try to short the top by buying puts when a Hidden Pivot target is reached. Stay close to the chat room, or sign up for intraday alerts on your Account page, if you want to be notified of any such opportunities. For now, though, we’ll wait and see whether the 149.55 midpoint pivot holds. _______ UPDATE (June 14, 2:12 a.m. EDT): The turn came from 149.48 — within just 0.07 points of the pivot — so we’ll consider it unbreached. From that point forward, and for the remainder of the day, nearly every uptrending abc pattern generated an ‘x’ entry point that would not have gotten stopped out (see inset, a fresh chart). Under the circumstances, we should trade with the flow here rather than get aggressively in its way.
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(July 18, 2016)
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