I’m projecting more downside to 120.01, the target of the not-very-intuitive pattern shown. Although this Hidden Pivot support could generate a tradable bounce, at this point it should be regarded as a magnet pulling the stock lower. A rally back to p=124.63 would offer a enticing short, but if you take the trade, I’d suggest using camouflage to initiate it rather than a ‘mechanical’ offer with an implied stop-loss at 126.08. A plunge to the target would not be the end of the world, technically speaking. Indeed, the entire downtrend from the 133.60 top recorded on February 24 to the target would amount to slightly less than a 50% retracement of the monster rally from January 9’s low at 104.63. _______ UPDATE (March 26, 11:54 p.m. EDT): I don’t trust yesterday’s sharp rally, since it failed to exceed a single ‘external’ peak, even on the lowly 20-minute chart. A pop to 125.48 is possible nonetheless, but if you catch a ride to this Hidden Pivot (a=123.21 on 3/26), consider reversing the position and going short.
