The 2866.25 target where the futures topped recently has the potential to be a show-stopper for reasons noted here earlier, including the perhaps too-obvious enticement of the powerful impulse leg it created. But because this bull market has been chugging along for ten years, defying expectations, we should be prepared for the next record-breaking upthrust. In that regard, a decisive thrust exceeding the 2859.25 midpoint pivot shown would have very bullish implications, since it would put the pattern’s 2929.00 target theoretically in play. We’ll watch cautiously from the sidelines in the meantime, trading this vehicle with a mildly bullish bias until such time as p is reached.______ UPDATE (April 1, 10:14 p.m. ET): Buyers easily exceeded p, putting p2=2894.13 in play as our minimum upside objective for the near term.
