The hourly chart has taken an interesting turn, literally. Notice that the futures pulled back sharply and precisely on Tuesday from the red line, a midpoint Hidden Pivot at 1215.10 associated with a 1254.50 target that lies $39 above it. Although we can’t predict for certain whether the futures will eventually get past it, if and when they do, it would augur more upside to at least 1234.80 (p2), and thence 1254.50. Both of these Hidden Pivots should impede the rally noticeably, but if they put up little resistance, we could infer that still higher prices are coming. Also implied is that a pullback to p=1215.10 after it has been exceeded by perhaps 3 to 5 points would set up a ‘mechanical buy’ with a 1202.00 stop-loss. Entry before then is not only possible but recommended, provided you use camouflage to limit the initial risk to perhaps $50 theoretical per contract.
