I set the bar at 36.655 as the all-clear threshold for long-term bulls, but a lesser benchmark at 33.135 that I mentioned as well has been eclipsed by yesterday’s rally. The burst of strength has brought into focus a bullish pattern that projects to as high as 34.270 over the near term (see inset). That’s a Hidden Pivot ‘D’ target, and its p sibling at 32.960 has yet to be conquered. However, it would take only a pop to 33.380 today to create an impulse leg sufficiently robust to make 34.270 an odds-on bet for the near term. Traders should consider using the two peaks just below 33.375 to leverage a camouflage ‘buy’.
