I’ve switched to a less ambitious pattern for two reasons: 1) this one produced two pullbacks from close to p, validating the pattern itself and its D target at 332.14; and 2) the target is less than three points from the 329.40 midpoint of the old pattern, effectively creating a double resistance. The Cubes look well energized to succeed, especially if the momentum of the last three sessions carries a day or two into this week. Our best bet for getting aboard will be by way of a ‘mechanical’ set-up encompassing the rightmost bars. Most immediately, a swoon to 309.48 would trip the signal, stop 305.17 (daily, A=298.09 on 12/10; B= 315.29 on 1/4). _______ UPDATE (Jan 13, 5:33 p.m. EST): Cancel the bid, since another trade triggered at the red line and has taken off after narrowly missing getting stopped out. A 322.38 rally target obtains, the D of a smaller pattern than the one yielding 332.14. ______ UPDATE (Jan 14, 6;44 p.m.): Following my suggestion in the chat room today, subscribers took small, bearish positions using puts of their choosing below the 300 strike and expiring around mid-February. This will help augment a small speculative position we hold in IWM in case inaugural week doesn’t go as smoothly as nearly everyone seems to expect. ______ UPDATE (Jan 20, 8:27 p.m.): Buyers smoked the 322.38 Hidden Pivot so badly that they seem unstoppable. I always provide a new price target when this happens, buy in this case the obvious number is difficult to imagine: 382.75. Here’s the chart, but let’s wait and see if p=321.43 is left choking on dust by week’s end. That would add to the likelihood of 382.75 being reached.
QQQ – Nasdaq ETF (Last:323.77)