A downside target at 38.400 remains my minimum objective for the near term, but a lesser Hidden Pivot support at 38.760 can be used for bottom-fishing with the tightest of stops. Specifically, I’ll recommend bidding 38.765 for a single contract, stop 38.745. If the order fills and goes in-the-black, you’ll be on your own. Please note, however, that the four ticks of theoretical risk at entry imply that we’ll need a rally of at least three times that, or twelve ticks, before we could think about taking a profit or implementing a trailing stop for a potentially longer ride. _______ UPDATE (Thursday, 12:04 p.m. EDT): The futures are plummeting today, having touched a so-far low of 36.405. For now, use 35.700 as a minimum downside objective. That is the ‘p’ midpoint support of the large pattern, on the daily chart, A=49.540 (April 28), B= 32.350 (May 12) and C=44.295 (August 23). A two-day close beneath the midpoint would have very bearish implications, since its ‘d’ sibling lies at…27.105. Regarding the bottom-fishing trade, the futures fell too steeply to trigger it.
