If you like the pattern shown — I do, myself — then you are implicitly on board for a pop to D=2117.25 if the midpoint pivot at 2084.25 that contained Wednesday’s move is decisively breached tonight or Thursday. By ‘decisively,’ I mean by at least 3-4 points. There’s a chance this pivot will mark an important top, or at least a tradable one, but we’ll let price action speak for itself. Bears shouldn’t get their hopes too high, however, since the pullback so far has been very shallow. It also follows a day when shorts were kept on the ropes until the final bell after the Feds latest, pathetic load of crap hit the tape. Looking slightly ahead, traders use a mechanical bid to get long at either p or p2, but this tactic is advised only for those who are familiar with it.
