Some Ambitious Targets For The 'Trump Rally'

The previous chart showed a rally target of moderate importance at 2250.00 derived from a low recorded on November 9. Here’s an alternative target at 2240.50 that comes from a larger pattern (see inset). There is yet one more target at 2299.00 that is also in play from an even bigger bullish pattern. The important thing to note here is that the uptrend has demolished midpoint Hidden Pivots associated with each of the targets, implying there is still quite a bit of power pushing the 'Trump rally.'

Swing traders are therefore advised to position from the long side, especially those of you who plan to go short against the trend – tightly stopped, as always — at any of the three benchmarks noted above. We’ll be looking intraday for more-nuanced opportunities, presumably with risk held to a minimum, so stay close to the chat room if you want to stay apprised in real time.

********

If you don’t subscribe, you can access the chat room and all of Rick's trading 'touts' instantly by clicking here for a no-risk, two-week trial subscription.