Someone posted 37.82 as an important midpoint support on the weekly chart, but I wouldn’t rely too heavily on it, since the pattern (A=50.74, B=31.54, C=47.52) has a second point ‘C’ that will tend to diminish its reliability. Instead, I would suggest focusing on the daily-bar pattern shown for clues about whether the correction begun in May may be spent, or nearly so. If that is the case, we should see the current downtrend reverse from no lower than the 38.62 midpoint. The rally wouldn’t have to exceed the 41.65 point C of the pattern to energize bulls; all that’s needed would be an impulsive thrust on the hourly chart. ______ UPDATE (11:17 a.m. EST): This morning’s further devastation has crushed the support, implying the futures will now fall to its ‘D’ sibling, at least: 35.60. A rally back up to the 38.62 midpoint should be viewed as an opportunity to get short. Camouflage is advised.
