Considering the clarity of the 1264.60 rally target we were using (see inset), the so-far $2.60 overshoot of this Hidden Pivot can only mean that still-higher prices impend. We’ll have to wait for the futures to pull back before we calculate a target for the next upthrust, but there’s potential to hit 1300. What has all but clinched the move is that yesterday’s blast exceeded a key external peak at 1256.20 recorded on 10/21. ______ UPDATE (January 16, 9:2 a.m.): The daily chart leaves room for an ‘extension rally’ to 1274.20 over the near term, but that would likely max out buyers for at least a short while.
