With the futures on their way to a 100-point loss Wednesday, each wrenching move lower was foretold by the breach of a minor Hidden Pivot target. I’ve run out of clear, ‘easy’ targets, however, and so gnarly ones like the one shown (see inset) will have to do for now. It shows the December contract barely holding a 2769.50 ‘hidden’ support that I disseminated in the chat room after the close. If it’s breached, however, I would need to slide the point ‘A’ high up to the 2942.00 peak shown to produce a lower target at 2741.50. Beyond that, the most meaningful number we’re going to get will come from the next big leg down after the A-B leg still in progress has given way to an upward correction. The midpoint Hidden Pivot of that C-D leg will give us the means to determine whether a bear market has begun. We’ll have clues before then, however, based on price action in lesser time frames. Thus, if minor, upward abcd corrections start to fail at their midpoint pivots, and downtrending ABCDs of lesser degree start to exceed their ‘D’ targets, it would be warning that the big picture had turned bearish.
