This dog’s latest discouragement has brought additional clarity to the intraday charts in the form of the 402.46 target shown. (Yes, it can be bottom-fished.) The midpoint support at 433.38 has served as a price pivot for two months, but with this morning’s break to despairing new lows, it has finally been left in the dust, ensuring the target will be reached. There’s another pattern at the right-hand side of the chart with a point B low that is pure “sausage,” but the value of this pattern is moot since its 402.17 target closely coincides with the one we’ve already determined is legitimate. _______ UPDATE (January 28 at 2:17 a.m. EST): By exceeding the target, the futures signaled their eagerness to test the structural support of lows made in July (385.20) and in May (372.74). We don’t have to be vague about it, however, since we have the 381.56 Hidden Pivot shown (see inset) to inform any bottom-fishing that we might attempt.
