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If Freaky Friday Should Turn Unexpectedly Ugly...

By: Rick Ackerman, Rick's Picks

 -- Published: Friday, 5 February 2016 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2016/02/Decisive-breach-of-p-by-ES.jpg

The recovery phase of Thursday’s obligatory swoon was somewhat lacking in vigor, and so the futures ended the day about where they started. Bulls held a nominal edge at the close, if only because the day’s gratuitous ups and downs occurred well above Wednesday’s bombed-out low. Even so, I’ll suggest using the bearish pattern shown to get the jump on Friday’s action. It has the virtue of having generated a bounce from the 1870.50 midpoint pivot, confirming the pattern itself. Accordingly, a breach of the actual low at 1865.00 would put the futures on a downward course to as low as 1801.00. That target is unlikely to be reached before next mid-week even if bears are strongly resurgent, but we’ll at least have a good idea of how ugly the selling could get if things start to snowball. If you would like to learn more about the Hidden Pivot Trading Method, click here.  Many who frequent the Rick’s Picks chat room have mastered it.  Meet and converse with them by taking a free trial subscription here.


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 -- Published: Friday, 5 February 2016 | E-Mail  | Print  | Source: GoldSeek.com

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