There are numerous bullish ABC patterns of various size driving this rally, but I’ve selected one of middling importance for now because the futures have stalled at its 2180.25 midpoint pivot. A decisive penetration of this resistance to the upside would shorten the odds of a further push to the 2303.00 target. Levels x, p and p2 could all conceivably be used to get long ‘mechanically’ if the opportunity should present itself, but there is one further possibility: buying on a pullback to 2167.50, the midpoint Hidden Pivot support of the downtrending abc pattern labeled in brown. ________ UPDATE (August 30, 5:24 p.m. EDT): I’m going to leave this dog in the yard overnight without food or water, since its behavior could use some improvement. After topping inches above the 2180.25 pivot flagged in my tout, the futures fell to a low 1.00 point above the 2167.50 pivot where I’d suggested placing a stink bid. As a result, unless you used ‘camouflage’ tactics to get aboard, you would have missed the trade. Now, assuming the futures take the path of least resistance, they’ll continue lower to the 2153.00 target shown. I am temporarily out of patience for the little sonofabitch, but I would encourage you to use the pattern displayed to trade this vehicle knowledgeably. You’ll have the opportunity to make whatever small adjustments might be needed in real time, versus trying to do so with guidance disseminated overnight. As always, if sellers exceed so clear a ‘D’ target, it would have bearish implications going forward.
