The futures came down to within a few pennies of a 17.160 target derived from last Wednesday’s high. They looked bound for still lower prices at the close, but we’ll need to see a little more of the ‘b-c’ follow-through leg before we can confidently assess sellers’ conviction. Hidden Pivots aside, the trendline in the accompanying chart suggests that lows in the $14-$15 range are hardly inconceivable if the steeper trendline breaks.
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