Two bearish patterns that have been weighing on this vehicle are so clear that lower prices seem likely. My worst case target is 2.305, well beneath the so-far multiyear low at 3.470 that was recorded a week ago and 35% below current levels. It is the ‘D’ Hidden Pivot target of the pattern shown, and with a sibling midpoint at 3.790, a rally to that number should be viewed as a shorting opportunity, provided “camouflage” is used. If a dead-cat bounce should exceed the midpoint, however, the next would be at 4.422, my maximum upside projection for any bear rally and a potential back-up-the-truck number for shorts. Note: I will switch to coverage of the January contract henceforth, but please use 2.210 as its bear-market target. That number is equivalent to the March target at 2.305 and has 3.783 as a midpoint sibling.
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