ESU12 – September E-Mini S&P (Last:1430.75)

Ponder a month’s worth of hourly bars and you can see how trying to surf a wave is an exercise in futility. That’s notwithstanding the fact that the pattern shown projects to 1470.75, the equivalent of a 500-point Dow rally. Since it’s impossible to guess what sort of news could trigger off a short-squeeze of that magnitude, the only way we might hope to spot it as it leaves the launching pad is by looking for impulsive thrusts on charts of lesser degree.  In that regard, the subtlest ‘external’ peak I can offer for getting long via camouflage is the one at 1414.50 shown in the chart.  A ‘b-c’ pullback from within a tick or two above it would create the kind of subtle opportunity that’s worth waiting for.  Please let me know in the chat room if you fill so that I can establish a tracking position for your further guidance.  _______ UPDATE (September 6, 10:50 a.m. EDT):  Today’s rabid short-squeeze — propelled, it would appear, by jobs news — is so vicious as to have offered no easy entry opportunities, camouflage or otherwise.  It is an apparent installment on the 1470.00 target (adjusted slightly after a recalculation, 60m: A=1349.26 on 8/2; B=1424.75 on 8/21; and C=1394.50 on 9/4) given above, but we should expect a stall at exactly 1432.25, the pattern’s p midpoint, to confirm.)  ________ UPDATE (2:21 .m. EDT):  Big surprise…NOT!  The futures have in fact topped today at exactly 1432.25. Since this occurred in the final moments of the regular session, however, I warned in the chat room against shorting the nasty little sonofabitch.  The good news is that the rally’s stall precisely at the Hidden Pivot midpoint has left zero doubt about the validity of its 1470.00 ‘D’ sibling.  Please note, however, that a follow-though to this number — precisely — cannot be regarded as a done deal until such time as the futures have decisively (i.e., by more than 1.25 points in this case) exceeded 1432.25.  We never pretend to have a crystal ball, and for all we know, 1432.25 could be the highest price this vehicle achieves for the next 20 years.