The bounce from yesterday’s lows stalled at the 1280.20 midpoint pivot shown, but the rally target at 1293.80 remains intact. Now, a fall below 1266.50, the point ‘C’ low of the rally pattern, would negate the target, but if the initial move on Tuesday pushes the futures above the red line for a second time, it would raise the odds of a follow-through to 1293.80 to 50-50.  Alternatively, an enticing bottom-fishing bet would gel if the futures were to fall to 1262.20, the midpoint Hidden Pivot support of a downtrend begun from  A=1298.60 (see inset). You could bottom-fish there with a stop-loss as tight as 1261.80. Take a free trial subscription that will allow you to access not only the touts, bulletins, updates and impromptu trading webinars during market hours, but a 24/7 chat room that draws veteran traders from around the world.

| Digg This Article
 -- Published: Tuesday, 3 February 2015 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus
Previous Articles by Rick Ackerman