Yesterday’s rally got to within an inch of the target I’d provided, but it would have been more encouraging if the target had been exceeded. Still, the bullish look of the pattern is intact, and the futures could still reach 1178.20 to complete the minor cycle if they can get past the 1147.60 midpoint pivot by no later than Thursday. Traders familiar with the technique can get long ‘mechanically’ on a pullback to 1147.60 once this Hidden Pivot has been exceeded by at least $4. (I’ve sketched this hypothetically.. The immediate goal thereafter would be p2=1162.90, implying an 1142.50 stop-loss at the time the trade is initiated. ______ UPDATE (September 3, 12:33 a.m.): Wednesday’s moderate weakness did not alter my analysis or recommendations. However, if the futures are going to reverse the slide and ‘actualize’ my numbers, the turn will need to come either from p=1129.50, or D=1127.10 of the minor downtrend begun from a=1140.90 (30-minute, noon EDT). _______ UPDATE (9:38 a.m.): The futures just bottomed almost exactly at the 1120.70 D target of this pattern on 15-minute: A=1147.30 on 9/1; B=1131.20 yesterday; C=1136.80 yesterday. Your clue ahead of the weakness was that a mechanical ‘buy’ today at at 1128.70 (8:30 a.m.) would have gotten pulped. If we are going to continue to give bullion the benefit of the doubt, we’ll need to use, on the hourly chart, A=1081.40 from 8/7. This is the starting point of the last unsullied bullish pattern on the intraday charts.
