I continue to look for tradable resistance at 47.415. The Hidden Pivot target of the pattern shown in the chart, it has sharpened our bullish focus in recent days. Notice the strong sibling resemblance between its k-A segment and B-C, particularly the sharp, single-bar highs and lows. Taken together, these factors suggest that scalpers would enjoy good odds shorting with a stop-loss as tight as four ticks. Once above 47.415 on a closing basis, a 48.040 target flagged here earlier would become an odds-on bet. _____ UPDATE (6:47 p.m. EDT): A powerful gap-up opening Sunday evening landed above the resistance (and above our would-be trade), all but guaranteeing additional, minimum upside to 48.040 over the near term. _______ FURTHER UPDATE (4:22 a.m. EDT): Holy smokes! Let’s hope the scumbags at J.P Morgan are all-in on the wrong side of this parabolic move. My current target is 49.975, just above the so-far high at 49.820: (Daily chart, A=31.705 on Feb 24, and B=41.975). However, any targets above it will grow increasingly speculative.
