Written by Rick Ackerman, Rick’s Picks
I mentioned a bull market target of 28245 for the Dow Industrials the other day, but there’s a nice picture of it below the Read more >> jump.
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It was confirmed by Tuesday’s pullback from within less than 3 points of the midpoint Hidden Pivot, shown as a red line at 25803. We have no way of knowing for sure whether the Indoos will eventually trade above the line, but this seems far more likely than today’s high turning out to have been the bull market’s last hurrah. If and when the Dow closes for two consecutive days above 25803, it’ll become an odds-on bet to reach a minimum p2=27,024, and no worse than even odds to hit D=28245.
If you’re keen on shorting the Mother of All Tops, please note that the pullback from D, assuming it is reached, can be expected to be as precise as the one we saw today from the 25803 midpoint pivot. There are no guarantees that that will be THE top, but using the pivot to get short, we should be able to bet on it with risk very tightly controlled.
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