The corrective pattern show has smashed its 1830.30 midpoint support, hinting of more downside in the days ahead to as low as 1771.50, its ‘d’ sibling. This would be confirmed if the smaller down-pattern at the right-hand edge of the chart were to exceed its 1839.90 midpoint support. You can bottom-fish that last number with a stop-loss as tight as four ticks, but if the stop is tagged, look for more downside to its ‘d sibling 1808.10. Alternatively, an uptrending ABC at the right-hand edge of the chart would become ‘actualized’ on a print exceeding the p midpoint shown at 1873.20. ______ UPDATE (1:59 p.m. EDT): A $50 plunge so far today has brought the December contract within two ticks of the 1808.10 target flagged above. We should infer that the Smart Money and its good friends in high places wanted it that way so that they can score some bargains.
