A secondary (p2) Hidden Pivot at 4515.56 remains all but certain to be achieved, as advertised in the chat room Friday. You can use this target and the pattern that produced it with confidence, given the way short-covering impaled p=4459 on the way up, then used it later to base. The pattern is sufficiently gnarly to obscure p2, and that’s why I’ve suggested shorting there, either with a ‘camouflage’ set-up or a tight rABC. D=4571.50 is likely to work equally well if and when ES gets there. This seems probable, again because of the decisive push past p on the first attempt. The chart is tongue-and-cheek, a hopeful projection of a p2 reversal such as the world has never seen before. As always, our goal is not to nail the Mother of All Tops, but to get short in an opportune place with little at risk, and to be holding a partial position for a potential four-bagger. _______ UPDATE (Aug 30, 11:39 a.m.): This morning’s lunatic leap through p=4525.38 has all but guaranteed more upside to at least the D=4588.50 target shown in this chart. Since a one- or two-level pullback seems unlikely, any ‘mechanical’ set-ups to get long will need to come from the smaller ABC that began with A= 4473.75 at 10:00 a.m. Friday on the hourly chart. ______ UPDATE (Aug 31, 7:30 p.m.): I like either of the two ‘mechanical’ possibilities shown in this chart: long or short, depending on what is offered us. Shoot for a one-level ride regardless, since price action looks too turgid at the moment to deliver anything more dramatic.
ESU21 – Sep E-Mini S&P (Last:4526.25)
