A 3227.50 target that lies 1.6% above Friday’s close can be used as a minimum upside objective for the near term. It is not the same pattern I used to project 3206.25 for the December contract because the point ‘A’ is somewhat lower (and also a little unorthodox). The equivalent low would yield a 3218.50 target, so we should prepared for a possible stall at that price. Any higher would indicate 3227.50, a Hidden Pivot that looks like a good place to try shorting, especially if you’ve been long for at least a part of the ride north. It could be bumpy, since the futures struggled to get past p after stalling there a week ago.
ESH20 – March E-Mini S&P (Last:3175.50)