We’re using a bull market target of 2478.00 that lies a little more than 100 points above (see inset). The Dow would be trading just below 22,000 if it’s achieved. In the meantime, the pullback into week’s end has been relatively mild so far, and although it could conceivably flash a mechanical buy signal if it continues down to the red line, a midpoint Hidden Pivot at 2353.00, any buying we might do there will likely be by way of a less-risky entry technique such as ‘camouflage’. But we shouldn’t hesitate to get long ‘mechanically’ if the selling brings the futures down to the green line. My strong gut feeling is that any rally thereupon would reach, at the very least, the pattern’s midpoint pivot where we could take a partial profit. To be less technical about it, I’ll note that odds of the 2478.00 target’s eventually being achieved seem quite good. It could mark the bull market’s final lunge, of course, but as things evolve in whatever way they do, we’ll try not to dwell too obsessively on the notion of shorting the Mother of All Tops.
