Today’s fleeting stab above the 1263.00 midpoint pivot (see inset) was not sufficient for us to infer that a further run-up to the 1311.70 target is a done deal. Regardless, a pullback to 1238.70, the green line, should be regarded as a buying opportunity. Done with a ‘mechanical’ bid at that price, the trade would imply a stop-loss at 1413.30 and initial risk of more than $2400 per contract. Clearly, there are better ways to get aboard, including a ‘camouflage’ entry that we might expect to cut theoretical down to perhaps $40-$60. Accordingly, I’ll suggest zooming down to the five-minute chart if the futures should fall to 1238.70; then, using any minor, uptrending abc pattern that occurs subsequently to generate a conventional entry trigger. _______ UPDATE (May 21, 6:04 p.m. ET): The futures stair-stepped higher on Friday rather than correcting for a second day as I’d expected. Now, if they can take out the 1257.80 midpoint Hidden Pivot resistance shown, they’ll be in good shape for a run at the 1269.80 target. Pivoteers, please note: The 1256.70 peak recorded Friday on the way down has the potential to generate a great ‘camouflage’ entry opportunity if there’s a bc-type pullback from slightly above it on the one- or three-minute chart.
