Trust my bullish hubris, but verify. Putting aside the plunge to 983 that today’s commentary says would be cause for worry, we should be on the alert for a breakdown from the first bearish impulse leg on the hourly chart. It has already occurred,  creating a whacky-looking pattern that points to 1039.80. That’s my minimum downside target for this correction, since its midpoint sibling at 1050.30 has already been exceeded.  Alternatively, the most bullish thing that could happen today would be for the futures to thrust above 1068.40 without having gotten near 1039.80.  Whatever happens, I’ll be keeping a very close eye on the smaller patterns so that we don’t become complacent. _______ UPDATE (11:21 a.m.): Gold is rallying sharply, notwithstanding today’s moderate strength in the Dollar Index (DXY).  The surge will invalidate the 1039.80 target if it exceeds 1060.80, and it will start to kick bear butt at 1061.80.