Last week’s rally topped just four ticks from the 1697.80 target shown. The consolidation since then bids fair to push the futures, over the near term, to 1714.70, a Hidden Pivot target that will become an odds-on bet if and when its 1699.00 midpoint sibling has been exceeded even slightly. The relevant coordinates on the 30-minute chart are: A=1666.40 (9:30 a.m. on January 17); B=1697.80 and C=1683.30. If the futures break above the target, the 1727.00 midpoint of a larger pattern would be in play (daily chart, A=1598.00 on August 14). Please note, however, that it will take just 1704.40 to generate the first impulse leg we’ve seen on the daily chart in two months.
