Monday’s moderate weakness looks innocuous in the context of the bullishness of the 240-minute chart shown. Notice that the presumptive C-D phase of the rally begun from 1081.40 in early August stalled precisely at the 1141.90 midpoint pivot. This confirms the authority and reliability of the pattern itself, while also shortening the odds that a decisive push past p would go at least to p2=1164.00, or to D=1186.10 if any higher.
Both p and p2 can be used to get long via ‘mechanical’ bids, provided you are familiar with the tactic. More immediately, night owls could look for a buy trigger in the tiny ABC pattern at the rightmost edge of the charts shown. The point ‘C’ low is not yet established, but once it is, it could set up a camouflage entry a ‘x’ on a chart of lesser degree.
Click here for a free two-week trial subscription to Rick’s Picksthat will give you access not only to daily trading ‘touts’, bulletins, updates and impromptu trading sessions, as well as to a 24/7 chat room that draws veteran traders from around the world.