The Dow Industrials look primed for a 900-point rally, assuming they can close for two consecutive day’s above Friday’s high. It occurred slightly beneath a 26,656 Hidden Pivot resistance that’s a good bet to show stopping power. However, anything above it would bring a new pivot resistance at 27,463 into focus. That’s exactly 904 points above, and it would become all but certain to be achieved if the lower number is breached decisively. Longer-term, the chart shows that the Indoos could ascend to as high as 33,213 — 6654 points, or 25%, higher — if the bullish rampage begun in January continues into 2020.

I am confident that the Hidden Pivot levels on the chart can tell us exactly how much power is pushing the aging bull market. Although the chart shows a long-term trend, it can be read exactly as we might an hourly chart. The same rules apply, and any conclusions we might draw thereof can be assumed as reliable as those we derive from the lesser charts. Indeed, the interchangeability of time frames is a crucial aspect of the Hidden Pivot Method. In this case the chart speaks so clearly that there is little room to doubt their conclusiveness. 

Click here for a free two-week trial subscription that will give you access to all paid features and services of Rick’s Picks, including daily, actionable trading recommendations and a ringside seat in a 24/7 chat room that draws veteran traders from around the world.

| Digg This Article
 -- Published: Monday, 22 April 2019 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus
Previous Articles by Rick Ackerman