Yesterday’s thrust conspicuously failed to top a 1666.90 peak from a week ago, denying us the felicity of a fresh, bullish impulse leg. What this implies is that, even if an impulse leg should become manifest on the next push, it would not be destined for greatness. In fact, we’d need to see a surge that is unpaused between 1696.80 and 1757.90 before we infer that the punitive correction begun in the dog days of summer is over. On weakness, look to do your bottom-fishing — tightly stopped — at the 1632.20 midpoint support of the pattern (240m): A=1666.90 (10/18), B=1604.70, C=1663.30.
