We’ve been focused on an important target at 22.505. That’s a Hidden Pivot, and I have suggested using it as a minimum upside target. However, there is another significant Hidden Pivot at 21.635 with potential stopping power, and so I’m going to suggest extreme caution if and when the futures get there (which could easily be today or tomorrow, at the rate the rally has been going). The provenance of this target is shown in the accompanying chart, and you don’t need to be a Pivoteer to understand why it deserves to be closely watched. Scalpers can attempt shorting with a stop-loss as tight as 10 cents. Alternatively, if the futures fall, the first hint of trouble on the hourly chart would come on a print today below 21.120, a low made on September 24. _______ UPDATE (10:23 a.m. EDT): Having topped this morning a penny above the 21.635 target, the futures have since fallen 25 cents. Cover half of any short position now and use a fixed stop-loss at 21.515 for the rest. That’s where the 3-minute chart would turn bullish again. My minimum downside target for the very near term is 21.310, but at that point you should check back for further instructions, since we may want to implement a stop-loss based on the creation of an impulse leg on the lesser charts. _______ FURTHER UPDATE (3:48 p.m. EDT): Based on two contracts, we’re showing a gain on paper so far today of about $2000. Continue to use a 21.515 stop-loss for the contract(s) that remain(s), o-c-o with a buy order at 21.310.
