Last week’s dip beneath a 194.84 midpoint implies more weakness is likely, presumably to the 191.42 ‘D’ target of the pattern shown. Using camouflage on the 5-minute chart or less, traders should attempt to short any rally that gets within 5-10 cents of the midpoint. Bottom-fishing at ‘D’ is also suggested if you are able to reduce theoretical entry risk to 12 cents or less for each round lot traded. _______ UPDATE (May 31, 12:46 a.m. EDT): The whoopee cushion price action this week has put into play a lower target at 188.03 that would become a lead-pipe cinch if the stock closes beneath its p sibling at 193.05. _______ UPDATE (June 3, 5:10 p.m. EDT): The low of Friday’s nasty selloff came within 57 cents of the 188.03 target flagged above. It remains viable and can be used by Pivoteers for cautious bottom-fishing, but if the hidden support fails we’ll be looking at more slippage over the near term to at least 182.36 (240m, A=208.92 on 5/3, and B=193.20.) _______ UPDATE (June 7, 9:59 a.m. EDT): Off a low of 187.00, Big Blue has launched into a take-no-prisoners short squeeze marked by gap-up openings on the last two days. The bigger picture still looks bearish and will remain so until such time as buyers push this vehicle to 198.30. For the moment, however, we’ll back away.
