The broad averages were getting shredded on this particular morning, affording us an exceptional opportunity to examine downtrends more powerful than any we’d observed recently during these sessions. Most of the class was spent analyzing in detail the carnage in index futures, which were hell-bound in a way that made nearly every abcd downtrend “work” for Pivoteers trying to get short. In fact, a bearish target at 1085.25 that we’d identified in the E-Mini S&Ps nailed the intraday low within two ticks. All that was needed to provide low-risk entry points were periods of relative tedium lasting for perhaps 20 or so minutes, followed by subtle abc breakdowns on the 3-minute chart. Moving on to Gold’s chart, we took a finely nuanced look at what constitutes “dueling impulse legs.” Nowhere else in the tutorial library will you find so illuminating a discussion of this somewhat subjective aspect of Hidden Pivot analysis.
