The chart shows the 43.58 Hidden Pivot support we’ve been using as a minimum downside target for the near term. Two further implications should be noted: 1) a rally to p=51.43 can be shorted, although I would encourage you to do so using the camouflage technique if you plan on shorting more than a single contract. Otherwise, a mechanical short from 51.43 would dictate a stop-loss at 54.04; and 2) an overshoot of 43.58 would shift point A up to a peak at 77.81 recorded on November 21. The implied bear-market target thereof would be 35.40. _______ UPDATE (January 14, 11:53 p.m. EST): Tuesday’s low at missed my target by 62 cents. That’s a wider margin than I’d have expected, but given the impulsiveness of the rally since, we should assume that a bottom of at least intermediate-term importance is in. That said, it’s suspicious that Wednesday night’s spike has failed thus far to exceed last week’s high by a measly 6 cents.
