NQZ17 – Dec E-Mini Naz (Last:6111.00)

The E-Mini Nasdaq has shredded its way past some moderately important Hidden Pivot resistance points and is now a good bet to reach another at 6022.94, provided it can escape the gravitational pull of one at 5962 that capped Friday’s rally. The pattern shown is of a larger order of magnitude, however, and it leaves room for a move to as high as 6114.75 if the futures should push decisively above the pattern’s secondary pivot (shown here as a pink line at 5979.81).  We shouldn’t expect precise resistance at this level, but it would nonetheless become a spot to attempt a ‘mechanical’ buy if the December contract pulls back to it after having exceeded it decisively (i.e., via a move to 6030 or higher).  I am not proffering the 6114.75 target as a surefire place for a Mother of all Tops, by the way, since there are two problems with the pattern itself: 1) There are potential point ‘A’ lows beneath and preceding the one I’ve chosen; and 2) price action at the 5844 midpoint pivot has not been as precise as we should prefer. In any event, 6144.75 can still serve as a minimum upside objective, assuming the conditions I have noted are met. Also, we should expect a tradeable pullback from it if it is reached. _______ UPDATE (Oct 3, 9:56 p.m. EDT): This vehicle is tradeable, but only if you’re comfortable skiing the expert slopes. Intraday price action has been too erratic for me to put out usable entry instructions the night before. _______ UPDATE (Oct 16, 9:31 a.m.):  Ahead of the opening bell, the futures have exceeded the 6114.75 target we’ve been using by (so far) a single tick. Please note that the weekly chart allows for 6119.25 (A= 5365.75 on 5/14), or even 6161.00 (A= 5324.00 on 3/24).