‘Disappointing’ was the word used most in the chat room to de1scribe yesterday’s performance. However, in the impromptu analysis session that I held online Monday, I emphasized the short-term positives, since the futures are having almost as much difficulty achieving minor, bearish targets as bullish ones. The pattern shown is tradable, albeit cautiously, with a bottom-fishing bid at 1063.90. Since the point ‘B’ low is not of the highest quality, I cannot warrant that the D target will catch the low with the usual precision. If the trade lays an egg, we can try again, using a ‘counterintuitive’ entry based on the larger ABC pattern shown. I’ve sketched this hypothetically for your further guidance._______ UPDATE (8:27 p.m. EST): Trading this vehicle has become a form of self-abuse. And yet, it somehow keeps us engaged while going nowhere about 85% of the time. Yesterday’s hiccup did little to alter my moderately bullish outlook, but I’ll suggest downshifting to the small ABC pattern shown to anyone who would attempt to catch a ride higher. A pullback to any of the Hidden Pivot levels — x (green line), p (red line) or p2 (pink line) — could conceivably set up a ‘mechanical’ buy using a stop-loss as tight as 1.00 point once any of those levels has been exceeded by at least a point. This possible set-up is true ‘camouflage’, since it has the potential to put one aboard the mother ship — i.e., a larger, bullish pattern that projects to 1096.80
