The June contract is working on the modest, bullish impulse leg shown in the chart, and it looks like work indeed. We looked at this pattern during yesterday’s webinar, and although it has performed in line with our expectations, which called for the creation of a point ‘C’ low, there has been little follow through. Now, if the futures relapse without having achieved a minor rally target at 1503.70, expect the decline to come down to at least 1483.10, the Hidden Pivot midpoint support of the southbound pattern shown.
