Although yesterday’s low came within $2.20 of the midpoint Hidden Pivot support at 1275.10 (red line), the downtrending pattern that produced it looks sufficiently compelling to suggest that the target will be hit exactly, give or take a few ticks. If you want to bottom-fish this one without camouflage, try a 1275.20 bid, stop 1274.90. Be aware, however, that because my target could get front-run, a camouflage entry is probably the better approach. If the red line is exceeded by more than four ticks, more downside to at least 1243.60 would become an odds-on bet. That Hidden Pivot, too, can be bottom-fished with the tightest stop-loss you can abide. _______ UPDATE (10:03 a.m. ET): Gold swooned wickedly this morning, diving $14 in mere seconds to an apparent 1272.00 low before recouping half the loss in a minute, then the rest over the next half-hour. Numerous subscribers bidding where I’d suggested reported being filled but not getting stopped out, apparently because there were no bids below the market. If you bought and are still long, I’d suggest exiting half the position now for around 1281.00. If you hold only a single contract, stop yourself out if a downtrending impulse leg is generated on the 5-minute chart. At the moment, that would imply an unpaused dive to 1277.10. _______ UPDATE (11:14 a.m.): Hysteria in June futures now indicates 1310.20.
