The midpoint pivot, shown as a red line at 1160.44, has been central to PCLN’s behavior over the last two sessions, corroborating the 1180.03 target. The pivot was exceeded by a sufficient margin on Monday to imply that the target is likely to be reached. However, I wouldn’t suggest a ‘mechanical’ entry at 1160.44, since it carries initial, theoretical risk of more than $6. Instead, you should look to get long via ‘camouflage’ on charts of 5-minute degree or less. At the moment, that would require a pullback from just above 1162.84, a tiny but well-formed external peak that can be found on the 5-minute chart at 1:45 p.m. EST.
