This will be scant comfort to those who were on the wrong side of today’s short-squeeze, but I have serious doubts that the futures are destined for new record-highs. At least a little more pain seems likely nonetheless, since the usual suspects were ratcheting the futures lower in after-hours trading, presumably to dry up sellers for an opening-bell goosing on Friday. To take some of the guesswork out of whatever it is the Dirtballs intend, I’d suggest using the pattern shown. As long as this evening’s mild weakness doesn’t exceed the labeled 213o.25 low, the abc rally pattern could conceivably evolve into a ‘counterintuitive’ buying set-up. If the anticipated rally does happen and comes from the existing point ‘c’ low at 2132.00, it would have the potential to reach 2146.26, or 2163.25 at a maximum. The latter number can be found by sliding the point ‘a’ low down to 2113.25. As always, any HP level can be used to effect a ‘mechanical’ buy, provided you know what you’re doing. If you don’t, you need only ask in the chat room, since this vehicle has been getting plenty of knowledgeable attention lately from Pivoteers who know their stuff and who are only too willing to help. A caveat to permabears: If too many traders share my wishful opinion that new all-time highs are unlikely, a new all-time high is exactly what Mr Market is about to deliver. _______ UPDATE (Sep 16, 8:32 a.m.): DaBoyz had to take the futures down to 2126.50 overnight to dry up sellers. The subsequent, obligatory goosing has tripped a theoretical ‘buy’ signal for the pattern shown, but if you plan to use it I’d suggest a camouflage entry only. Let’s see if these slimeballs can punch through the midpoint pivot. 9:36 note: DaBoyz are taking on water, glug-glug-glug. Let’s hope they drown.
