Considering how coy and delicate the game of toe-sies has been at the precise, 1689.00 midpoint support of the bearish pattern shown (see inset), it seems entirely likely that a decisive breach will produce a fall to at least D=1662.40. How decisive a breach? Let’s use a two-day close beneath of 1689.00 as our criterion. Alternatively, we shall require no less than an impulsive thrust past external peaks #1 and #2 to signal a likely resurgence of bulls. ______ UPDATE (December 18 at 1:39 p.m. EST): Don’t count on much of a bounce from 1662.40, since I can practically guarantee you that the futures will fall to at least 1631.80 when that support is spent. [NOTE: THIS buy-able TARGET IS $5 ABOVE THE ONE GIVEN ORIGINALLY. THE ERROR WAS DUE TO A RECURRING PROBLEM WITH THE TRADESTATION PLATFORM.] The larger pattern, 60m, is A=1800.00 (10/4); B=1674.70 (11/5); and C=1751.60. The 1689.00 midpoint support of this pattern has been obliterated this morning, leaving almost NO doubt about the 1626.40 minimum downside objective.
