Although the target of this gas-bag’s ascent on Wednesday turned out to have been predictable to-the-tick (see inset), trading the rally was another matter. Using the Hidden Pivot Method, the only entry set-up that could be fairly described as a no-brainer occurred at 2340.75, off the very-well-camouflaged A-B impulse leg shown. Otherwise, only brash certitude that the E-Minis were in damn-the-torpedoes mode could have gotten you aboard without stress. Pullbacks were relatively fleeting, and the rally itself was impressive in the way that a mountain goat scampering up a cliff is impressive. Assuming the heedless, wafting trend continues –as why should you not? — expect the futures to reach the 2384.75 target we’ve been using by no later than Friday. A tradable pullback precisely from that number, or alternatively from 2387.50, looks extremely likely to me.
