A well-advertised correction target at 28.385 still beckons and should be used as a minimum downside target for the near term. There is a faint glimmer of encouragement in the December contract’s failure on Friday to penetrate the 30.945 midpoint support of the pattern shown. If it ultimately gives way, however, its sibling ‘D’ target at 28.855 would be in play. You could bottom-fish there with risk very tightly managed, but at that point the 28.835 pivot would have become strongly magnetic. _______ UPDATE (10:24 a.m. EST): A minor-trend rally points to at least 32.440, but there is further encouragement in that it has already surpassed the 32.130 midpoint resistance of a larger pattern projecting to 33.325 (60m, A=30.650 on 11/21). For now, let’s root for a push to at least 32.625, since that’s what it will take to renew the bull trend on the hourly chart.
