Yesterday’s modest rally may have felt encouraging while it was progressing, but check out the hourly chart (inset) before you get too enthused. My expectation is still for a drop to at least 1627.30, an important midpoint Hidden Pivot, before the December contract finds good traction. More immediately, because we lack a crystal ball and are therefore always open to the unexpected, we would consider a thrust exceeding the 1714.60 peak-let shown heartening. It might also create a set-up for a bull trade, since any b-c pullback from some high a tick or two above 1714.60 would make for good camouflage.
