The futures have reversed on the hourly chart without having quite reached our downside target at 1129.00, obliging us to take this lunatic lunge from yesterday’s lows seriously. What is its potential? Most immediately, to 1184.50, the midpoint pivot of the pattern shown. However, it will take just a bit more than that — specifically, a print above the 1185.25 peak shown, to refresh the bull trend with the creation of a new impulse leg. A close above that number would strongly hint of more upside to 1233.00, the ‘d’ sibling of the 1184.50 Hidden Pivot.
