Several bullish uptrends of varying degree are driving this rally, favoring bullish bets over the near term. Yesterday’s upside penetration of the 4.640 midpoint resistance shown was sufficient to tip the odds in favor of a continuation to at least 4.790, a Hidden Pivot target associated with the midpoint pivot. If you’re looking for a way in, I’d suggest using uptrending patterns on the 5-minute chart or less. Yesterday, during a ‘co-op’ trading-room session, we found a very low-risk entry opportunity on the 15-second bar chart. The rally failed, but there was nevertheless a profit to be had by trading what little upside followed the pattern’s minor entry signal. ______ UPDATE (11:45 p.m.): The futures recovered sharply from yesterday’s whipsaw low, so the 4.790 rally target still looks great. _______ UPDATE (June 10, 12:56 a.m.): Despite yesterday’s sell-off on a bull-trap opening, the 4.790 target will remain viable unless the point ‘C’ low at 4.489 (5/30) is exceeded to the downside. If you want to trade with a bullish bias, I’d suggested doing so using an ABC-type rally that has exceeded the 4.640 midpoint pivot. _______ UPDATE (June 11, 9:35 p.m.): This week’s steep retreat from a 4.743 high that fell a tad shy of our target is short-term bearish. A bigger picture still yields a bullish target at 4.881, provided this correction goes no lower than 4.297. _______ UPDATE (June 12, 6:50 p.m.): The futures have trampolined off a 4.504 low recorded on Wednesday and appear bound for 4.883 (see inset), two ticks above the original target.The best ‘easy’ buying opportunity I could foresee would come on a pullback to the 4.694 midpoint pivot. _______ UPDATE (June 16, 2:03 a.m. ET): A fleeting spike Sunday evening pushed this vehicle to a peak at 4.886 — 0.003 points from the target I’d furnished. Since the bull cycle took nearly three weeks to complete, we should expect the target to contain the rally for at least a few days. If not, that would imply there is still plenty of buying power percolating below the surface.
