The bullish pattern shown (see inset) should be used to target and trade this vehicle for the time being. If the 28.79 target is achieved, it would equate to a 13% rally from current levels. The pullback to p=26.37 has met our criteria for a ‘mechanical’ buy at that price, and if you did so, a 24.56 stop-loss should be deployed. if it’s hit, try again at x=23.65, stop 21.93. Incidentally, a ‘counterintuitive’ buy signaled Tuesday afternoon could have significantly reduced entry risk. On the 5-minute chart, you can locate the 25.29 entry trigger at 2:50 p.m. EDT. Initial risk, in theory, would have been 13 cents. _______ UPDATE (June 16, 11:17 p.m.): Bulls are having some trouble getting past the 27.08 ‘secondary’ Hidden Pivot, but it still looks like a good bet to get smashed. You can try getting long ‘mechanically’ at the green line, stop 21.93, but I’d suggest using a camouflage entry if you attempt it from p=25.37, since the required stop-loss would be large: 24.23.
