I’d suggested shorting a Hidden Pivot target at 164.12 yesterday (see inset), but it looked like a less risky play at the time. It may seem paradoxical that carrying a short overnight was the ‘safe’ way to go. However, if the target is hit today, especially in the early going, shorts could potentially face a firing squad, since they’d be bucking a bullish impulse leg from that point forward. Traders can still try shorting the target, but only very gingerly. Camouflage is not necessary, just a very tight stop, but I may suggest getting long intraday if there’s an opportune pullback from in-between the two labeled peaks. ______ UPDATE: The foregoing was made moot by yesterday’s downdraft. We’ll try again when another clear opportunity arises.
