The futures shredded their way past a 4116 ‘hidden’ resistance with such ease that the remaining target at 4256 now seems likely to be achieved. Please note that this is not a Hidden Pivot, but rather an instinctual spot to anchor the ‘c’ high of a ‘reverse’ pattern in order to get short. I’ll calculate the a-b interval if and when we get there, but my gut feeling is that it will be about 25-30 points, yielding implied initial risk of about $300-$350 per contract. In the meantime, you can use the middling pattern shown to project a tradeable target at 4205.75. There have been no pullbacks so far that would have enabled a ‘mechanical’ buy on the hourly chart, but D=4205.75 will be shortable nonetheless, presumably using a ‘camo’ set-up. You can be more aggressive, shorting the target with a tight stop, if you’ve made money on the way up. _______ UPDATE (Aug 4, 10:45 p.m.): A freaky Friday swoon to x=4118.69 would trigger an appealing ‘mechanical’ buy, but I am recommending the trade only to subscribers who can cut the $8000 risk on four contracts down to something more comfortable. Please note that ‘x’ is neither a support nor a target.
ESU22 – Sep E-Mini S&P (Last:4164.25)
