Somewhat beneath the old, 17622 target I’ve been using for a year to keep myself honest no matter how I felt about the market, there was another Hidden Pivot worth remembering at 17209. It is shown in the chart, and it displays with sufficient clarity that we should perhaps be vexed by its failure to work perfectly. Still, the 58-point shortfall amounts to just 0.3% percent — close enough, probably, for the target to be considered fulfilled. Moreover, need we remind ourselves that it is in the nature of a bull market about to fail that its final gasp should fall just shy of a major Hidden Pivot rally target? So there you have it — the case, if not for an incipient bear market, then at least a good reason to take each and every minor, downtrending abc seriously from here on out. And so we shall, at least until such time as 17209 is decisively exceeded, putting 17622 in our crosshairs.
