Yesterday’s histrionics created a bearish impulse leg on the hourly chart that was unnegated by the end-of-day rally. Nevertheless, the point ‘C’ low associated with an aging bullish target at 1653.30 remains intact, giving us a reason in theory to think the futures capable of rallying to that target within the next several days. And it had better happen that soon, since the bull cycle is getting heavier with each passing day. Even more immediately — and perhaps more realistically — the downtrend in motion late Wednesday night promised to deliver 1578.70 now that its p sibling at 1600.60 has been exceeded by a decisive $2.50. _______ UPDATE (10:15 a.m. EDT): The futures have plummeted $37 today, making a so-far low at 1578.60 — a dime from my target. The bounce thereupon has carried thus far to 1587.20. _______ UPDATE (1:38 p.m. EDT): Following an $11 bounce from the target, GCQ dove anew toward a 1566.40 target (60m, A=1602.00 at 8 a.m., B=1578.60, C=1589.80) that has also been exceeded, albeit by less than $2 so far. This is bearish nonetheless, but we can expect the carnage to halt — temporarily — just above the marquee low at 1556.40 recored on June 7.
