If IBM heads south over the next week, the 196.54 midpoint pivot shown could prove to be not only a good place for us to bottom-fish aggressively, but to gauge whether the bull-market high at 215.90 record in mid-March is likely to be an important one.  There is much to like about the corrective pattern, and that is why we should trust price action at ‘p’ to tell us something of value.