There are several unfulfilled targets beneath yesterday’s low that I expect to be achieved (i.e., 1574.30, 1564.70 and 1534.30). This could happen sooner rather than later, since, as of late Wednesday night, the futures were having difficulty distancing themselves from the 1578.50 bottom hit early in yesterday’s session. The so-far high of the rebound has fallen $2 shy of the 1598.10 midpoint resistance of the minor bullish pattern shown, and buyers seem disinclined at the moment to try again. Still, they haven’t yet thrown in the towel, since this evening’s duel between bulls and bears has left bulls in slightly better position for the wee hours. That would change, however, on a 1587.00 print beneath a subtle low visible in the chart. Bulls could take heart, however, on a push above the 1609.oo ‘external’ peak made yesterday afternoon on the way down.
