The pattern highlighted in the chart is gnarly but bullish despite the fact that two days of strenuous effort and grunting have failed to push the futures even to a modest ‘secondary’ Hidden Pivot at 1908.75. That seems likely to happen today, and if it occurs early enough in the session, further progress toward the 1923.25 ‘D’ target would become an odds-on bet. I’m not even going to bother with an alternative scenario, since sellers seem too enfeebled to offer even modest resistance to short-covering bears. Unless there is news of the most disturbing sort, look for the week to end on a bullish note.
