We could be witnessing the death rattle of the biggest bull market of them all. Bulls kicked and screamed their way through yesterday’s session, violently resisting the pull of a minor Hidden Pivot target I’d provided. For those who got short ahead of these conniptions, the swings were too wild to abide. My gut feeling nonetheless is that a major top is in, and we will therefore continue to establish short positions whenever the short-term odds are in our favor. One of these days, we’ll get aboard just ahead of a 30-point downdraft, and we will be in the catbird’s seat. For the moment, however, I see no great edge in being long or short. Camo traders should look for opportunities in either direction on charts of 5-minute degree or less. To that end, an ‘external’ peak to be found at 1758.75 (3:40 p.m.) is worth a look.
