The ABC pattern shown suggests that although the futures sold off by half after rallying sharply overnight, they remain well positioned to achieve a big-picture target at 2194.00 broached here earlier. An even more important target lies at 2313.50 that could conceivably mark the end of the bull market begun in 2009. In any event, we judge the futures’ progress toward these benchmarks by scrutinizing charts of lesser degree such as the one shown. The fact that the intraday high at 2168.00 slightly exceeded a 2165.50 Hidden Pivot target is evidence that more upside is coming over the near term. Presumably, it will achieve a 2173.75 target calculated by sliding point ‘A’ down to the next-lower low at 2081.75 (labeled A1). ‘Mechanical’ bids that would enable night owls to get long at current levels look like a risky bet at the moment, but we can try to improve our odds in real time with any ‘camouflage’ opportunities that crop up during Friday’s session. For further guidance, stay tuned to the chat room.
