Sellers trashed a 17.26 midpoint Hidden Pivot support on Tuesday, suggesting they’re not done yet. If and when they return, look for this vehicle to fall to the 16.13 ‘secondary’ pivot shown, or possibly even to 14.99 if support fails to materialize. The futures were a ‘mechanical’ short from 17.26, stop 18.01; however, given the end-of-day surge, I’d suggest either waiting for a better opportunity or initiating the trade via ‘camouflage’. The downside target will remain theoretically valid unless the point C high at 19.53 is exceeded first. However, practically speaking, bulls would take charge of the short-term picture if they can merely get past the 18.41 peak notched last Friday on the way down.
