Thursday’s gratuitous ups and downs did not alter my forecast of a rally to the 2403.00 target shown. However, because the peak of the intraday swings failed to reach the pink line (a secondary Hidden Pivot at 2390.00), and also failed to exceed the ‘external’ peak at 2394.25 labeled in the chart, the short-term bearish case deserves a little more deference than it did at Wednesday’s close. Regardless, a move to the target on Friday should be shorted with a stop at 2405.25, since it closely coincides with a nearly-achieved target of much greater magnitude that I’d noted here earlier.
