If bulls are going to turn things around, the first place where we might expect this to happen is at the 1121.60 midpoint Hidden Pivot of the pattern shown. Accordingly, I’ll suggest bottom-fishing with an 1121.70 bid, stop 1121.40. If the stop is hit you could try again at either of the remaining pivots, 1119.20 or 1116.90. A third entry possibility would be at the conventional point ‘x’ of the large ABC pattern shown. This would be a ‘counterintuitive’ trade of the sort I’ve been emphasizing during the weekly tutorial sessions. I’m in a buying mood here simply because the downtrend of the last three days has occurred in the context of a larger, bullish pattern begun in early August.
