I flagged a 1587.00 correction target here yesterday, and although it looks like a good bet for bottom-fishing intraday, another Hidden Pivot at 1572.25 posted by ‘Sa1’ in the chat room looks even more compelling. Look at the accompanying chart and you may find that the eye ‘wants’ to see a quick resolution of the downtrending abc. Could the futures drop the requisite 38 points — the equivalent of about 310 Dow points — in just a few days? The prospect hardly seems unlikely, let alone unusual. Traders should position from the short side, using charts of perhaps 15-minute degree or less to identity opportunities carrying theoretical entry risk of no more than 3-5 ticks per contract.
