Because the futures failed to create an impulse leg on the daily chart at the top of the last rally, we should look for the correction to come down to at least 113^05. That would represent a 0.618 retracement of the surge off last Thursday’s lows, but any lower would corroborate our suspicion of latent weakness (i.e., of a bear rally). Alternatively, a thrust exceeding 115^20 would turn the lesser charts bullish and give the futures a shot at, most immediately, 115^25; or as high as 117^09 if that number is exceeded on a closing basis.
