The action looks toppy, and although I still expect the futures to hit 1650.30 over the near term, we should be extremely cautious if and when that Hidden Pivot is reached. Even more immediately, we’ll continue to monitor minor corrective patterns for signs that something worse may be in the offing. That means keeping an eye on the 1607.60 target shown in the chart, since its decisive breach would be warning of possible trouble. Notice my use of a one-off ‘A,’ a tactic which in this case promises to yield the most accurate midpoint and ‘d’ target.
