Today’s chart introduces a 2690.25 target that looks to be a pretty good bet, even if it cannot quite be considered in-the-bag. The breakout above the midpoint pivot at 2504 was incremental and lacking in drama, and that’s why our bullish expectations should be throttled back somewhat. Also, there was no strong confirmation of the pattern at p, since buyers did not so much interact with it as ignore it. Even so, and although this is a ‘blended’ composite chart representing many different contract months, I expect the target and HP levels x, p and p2 to work well enough to provide us with some decent ‘mechanical’ trade set-ups. The first would come on a pullback to the red line, an event that I would rate as unlikely. The implication is that we will need to look for our entry points on charts of smaller degree. Stay tuned to the chat room and check ‘Email Notifications’ on your account dashboard if you want to stay apprised in real time. _______ UPDATE (Nov 27, 9:23 p.m. ET): Use 2608.25 for a rally target today (60-min, A=2541.50 on 10/25). A breach of that Hidden Pivot by more than three ticks would put the 2633.75 target of an even larger pattern in play (A=2486.00 on 9/25; B=2577.25). ______
UPDATE (Nov 29, 10:23 a.m.): The futures have sold off eight points after topping this morning at 2634.25, two ticks from the target provided above. If you shorted there, please let me know in the chat room so that I can determine whether to establish a tracking position. For now, if you did get short, take profits on half the position near 2626.25. ______ UPDATE (Nov 29, 10:12 p.m.): Only one subscriber reported getting short at my target, so I won’t be tracking this one. The 2633.75 pivot took two months to reach, and it should therefore require at least four to six days for bulls to recharge for another leg up. If they take out the 2634.25 high any sooner than that, I’d infer they’re about to revert to their wonted, rabidly ebullient behavior once again. ______ UPDATE (Nov 30, 6:09 p.m.): Today’s crazed melt-up left no doubt about whether the 2690.25 target will be achieved. How quickly it will happen is the real surprise.
