It’s possible some subscribers are still long from Friday’s bottom since the 1359.00 correction target I’d disseminated the night before caught the low of a $35 bounce within two ticks. The rally was only mildly impulsive, however, since it sputtered out just shy of an important ‘external’ peak at 1400.00 recorded a day earlier. It must be displayed on the 30-minute chart to be usable, however (see inset). In that context, buyers have yet to push past midpoint resistance at 1397.60, and so that will remain our minimum upside target as long as the point ‘C’ low at 1380.30 remains intact. Once 1397.60 has been breached by more than 1.00 point or so, the 1414.90 Hidden Pivot (aka ‘D’) with which it’s associated will be in play. Traders should note that there is enough distance between 1397.60 and the obvious peak at 1400.00 to set up a nice entry point if there’s a b-c pullback from somewhere in-between. ________ UPDATE (September 9, 6:52 p.m. EDT): Zzzzzzz. Yesterday’s constipated action left my recommendation unchanged.
