A clear target at 1310.0 evinced no discernible support, telegraphing the weakness that was to follow and stopping us out for a loss of three ticks ($37.50) per contract. As of around 1:25 a.m. EDT, a minor ABC downtrend promised 1287.25 (5 min, A=1317.50 at 1:25 p.m. on 5/17). If that Hidden Pivot were to fail, we could be looking at a quick break to 1257.75, the target of the somewhat unorthodox pattern shown. At this point, we are no longer looking to bottom-fish as has been out custom, but to attempt trendwise entries using camouflage. As should be obvious to Pivoteers by now, projecting trend segments at the start of a (possible) bear market is inhibited by the relative lack so far of downtrending ABs. Regardless, I’ll suggest that you leave your mind open to the possibility that we ain’t seen nuthin’ yet.
