The futures have looped over to set up the possible buying opportunity described in Friday’s tout, but it feels too pat to me to be worth much to traders Sunday night. Da Boyz have taken the futures down to within inches of Friday’s lows, and unless some shard of horrific news emboldens them to break the support and shake down panicky sellers, odds at the moment seem to favor a short squeeze more than a washout. Still, if the downdraft comes and the ‘C’ high at 1331.75 is still intact, you could do worse than try bottom-fishing the 1314.00 ‘p’ of the pattern shown. Since that’s precisely equal to an ‘external’ low from June 14, camouflage is recommended. One last tip: Be on guard for a marginal breach of 1314.00, a running of stops, and then a trampoline bounce from the ostensible danger zone. If the bounce doesn’t come, though, we’d be looking at a likely plunge to its ‘D’ sibling, 1296.25.
