The pattern shown in the chart speaks with authority, especially since the visual symmetry of the AB and CD legs is somewhat obscured. The downside target is 730.75 — a bit lower than the one given here yesterday — and it looks like an opportune spot to try bottom-fishing, provided it is hit before the final hour of the session. Bears should dive for cover, however, if, over the next few days, ES reverses and hits 797.00 before 730.75. That would be extremely bullish, even if unfathomable. _______ UPDATE: The futures got pulped overnight, hitting a low before the opening of 729.50. Traders using a stop-loss as tight as 1.50 would have been on board for the bounce that ensued. If you still hold a position as of the opening, I’d recommend using a trailing stop that would ensure a profit of at least 5.00 points, or $250 per contract. Immediate upside potential was to 741.00, a Hidden Pivot. (Note: The bounce had reached 746.75 an hour into the session, although there was a pullback before then from 743.00 that would likely have stopped out most longs.)