We were nicely ahead of the plunge yesterday during the weekly tutorial session. Now, our focus should be on the C-D follow-through leg once a retracement high has been made. Even with a bearish bias, we should look to bottom-fish at the ‘p’ midpoint of a pattern like the one shown. ______ UPDATE (10:57 a.m. EST): A pattern much like the one shown did indeed develop, but the futures overshot its 12038 midpoint by 34 points. This implies more weakness ahead, notwithstanding the presumably phony, 110-point bounce that has occurred this morning from the lows.
