Yesterday’s rally did not surpass even a single ‘external’ peak, although it might easily have done so with a mere additional 1.00 point of upside. This suggests that the shorts who typically do most of the heavy lifting are pretty complacent at the moment. They may be justified, since it is not exactly bullish for stocks that the U.S. is rapidly shrinking from importance in world affairs, and that its inept president, whose experience goes no deeper than a stint as a community organizer, has become a global laughing stock.
Be that as it may, it would take just a small rally to surpass the 1867.75 peak shown. That would turn the chart bullishly impulsive and greatly shorten the odds of a 70-point run-up to the 1933.50 target shown. Traders looking to leverage this scenario should see in this chart the potential for a relatively subtle ‘camouflage’ buying opportunity to unfold that would use the low that I’ve labeled ‘A’ as the point of departure. Please query me about this in the chat room if you’re interested, since some of the details are proprietary with the Hidden Pivot Method.