Bulls paused for breath midway between two Hidden Pivot targets — one major at 1428.80, already achieved; and a lesser one at 1439.40 given here yesterday. The fact that the December contract did so after pushing above the 1426.00 ‘external’ peak from June 6 refreshed the bullish impulsiveness of the daily chart and affirmed that buyers are eager to forge higher as soon as this so-far very shallow correction has run its course. As noted earlier, a two-day close above 1428.80 would greatly shorten the odds of a run-up to $1500 or higher.
Traders looking to board can try bottom-fishing near the p midpoint of any corrective abc patterns that develop on the 15-minute chart. In that regard, the pattern shown (see inset) could prove useful. The futures have been screwing the pooch near the midpoint support for an entire day, and the next move could go either way. There’s a bull trade here, but ‘camo’ traders will need to zoom down to the 3-minute chart to create a proper entry set-up. Otherwise, if the futures head lower, 1408.30 is where you should plan to do your buying, camouflage-style or otherwise. Eagle-eyed Pivoteers may notice that I cheated to come up with a point ‘C’ high on the chart, but the few rules we use are of course made to be broken. Click here to learn how you can reduce entry risk by using the ‘camouflage’ trading technique.
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