The futures’ conflicted, tightly impacted spasms of late have meaning only if we focus on well-formed ABC patterns like the one shown (using the coordinates labeled in green). It predicted today’s 1263.50 top to the exact tick, so we’ll infer that the next move, if higher, would reach the 2171.50 target shown. That’s not saying much, since a rally to that price wouldn’t even surpass the September 22 high at 2172.75 that has served as the very modest number for bulls to beat for three very tedious weeks. It’s all we’ve got to trade for now, though, with an alternative micro-target at 2174.00 if it’s exceeded. Both of these Hidden Pivots are going to be useful mainly to scalpers, but we’ll wait for 2197.75 before we get serious again about shorting this hoax-of-a-bull-market. Pivoteers can locate that target on the hourly chart using the following coordinates: A=2107.75 (9/14); B=2172.75 (9/22); and C=2132.75. I won’t drum-roll this one, though, since it has enough things going for it that it could prove especially useful.
