Yesterday’s dirge wasn’t quite the robust follow-through we were counting on, not by a longshot. Instead, the futures drifted lower after stumbling out of the gate. There was no selling pressure, just an absence of buyers, and so the futures took the course of least resistance rather than attempting a run at the 1194.10 target broached here yesterday (which remains valid). Now, I’ll suggest using the more modest Hidden Pivot target shown, at 1181.70. A print at 1162.20 would trip the buy signal, but since I’d rate a follow-through to the 1168.70 midpoint pivot no better than an even shot, I’ll suggest using ‘camouflage’ to get aboard. This implies waiting for a b-c pullback in a pattern of lesser degree from a point B high at either 1162.30, 1162.40 or 1162.50. I’ve labeled the still unformed pattern with a small ABC so that you can see what I’m talking about.
