On the 240-minute chart (see inset), the 1265.75 rally target I’ve flagged had been nearly nine months in coming. It was exceeded by 2.25 points last Friday, and although I would not have expected even that much of an overshoot from such a perfect but obscure pattern, the ‘hit’ was close enough for us to infer that the Hidden Pivot target worked. Three days later, the pullback has been noticeably shallow, with ‘dueling’ impulse legs on the intraday charts indicating that bulls are not about to cede ground easily. If they push above the high today or tomorrow, look for an easy move, for starters, to 1483.75, the HP target of a pattern whose coordinates are shown in purple. To get long, I’d suggest using a ‘b-c’ pullback from just above a 1460.50 high that can be found on the 30-minute chart. It occurred on 9/14 at 3 p.m. EDT.
