Traders who went bottom-fishing at the 1666.50 pivot flagged here yesterday would have been stopped out quickly for small change, assuming they applied the two-tick stop-loss I’d suggested. The triggering of the stop was warning of lower prices to come, as indeed they did. Yet more selling appears likely, but the two Hidden Pivot targets shown — respectively at 1639.50 and 1632.25 — look ill-suited to contain the downtrend. My hunch is that sellers will test the structural support of some key lows near 1620 that were recorded in late August/early September and which should have become ‘magnetic’ by now.
