Recent price action has served up such unappetizing slop for trading that I thought it might be useful to trot out the weekly chart as a reminder of our high-confidence rally target at 1945.00. Notice that the target’s sibling midpoint pivot at 1838.50 was left choking on dust after a stall there for two consecutive weekly bars. This suggests that 1945.00 is all but certain to be reached, notwithstanding the hectoring petulance of this little devil’s daily war dance. A pullback to the red line should be regarded as a buying opportunity, although I’d suggest using the ‘camouflage technique’ to reduce theoretical risk if it happens. _______ UPDATE (1:20 p.m. EDT): Today’s selloff is unimpressive so far, even on the hourly chart (which is bearishly impulsive). However, the selling would get our attention if ES continues lower, exceeding Feb 20’s 1817.25 bottom That would generate a bearish impulse leg on the daily chart. For now, though, we’ll wait and see what kind of follow-through (i.e., c-d leg) today’s downdraft brings.
