Just a smidgen more and the futures will have recouped half of the $33 selloff from Sunday night’s $1478 high. My hunch is if they can close above the 50% retracement level, which lies at exactly 1461.50, bulls will have the bad guys on the run come Thursday. In the meantime, you can plan on bottom-fishing at the correction’s ‘p’ midpoint if it comes to resemble the one shown in the chart. _______ UPDATE (3:23 p.m. EDT): Anyone who used the chart as instructed could have caught the exact low of the day, a ‘p’ midpoint at 1452.00, based on the following coordinates: A=1468.40, B=1445.00 and C=1463.70. If you bought multiple contracts at the low, take profits on half the position now. Set a fixed stop at 1454.80 for the rest, switching to a $6 trailing stop once 1464.90 is reached.
