No down-leg since the futures topped on May 2 has created a bearish impulse leg of daily-chart degree, since no more than one prior low was surpassed in each instance. Although that is not bullish per se, it does suggest that sellers lack the guts to push the correction beyond the 31.205 midpoint support of the pattern shown, assuming the futures don’t turn from nearer these levels.  Scary as a fall to 31.205 might seem, such a washout would represent a potentially excellent buying opportunity.  However, we shouldn’t fail to notice that the ‘d’ target associated with that number lies at 22.945 (!). If such a spectacular fall is coming, however, it would imply a deflationary “black swan” this summer the details of which are presently difficult to imagine.