With yet one more lower low in a seemingly endless, two-year succession of them, the futures have nearly run out of room to correct last week’s $57 rally. Any lower and they will not only be beneath its starting point, they’ll be threatening to breach an even more important low at 1187.90 recorded back in June. At that point I would judge the bear-market pattern shown, with a 1028.50 target, to be in play. That, of course, would be even nastier than the 1125.00 target we’ve been using till now. At this point, however, you could say that the futures are hanging on for dear life near the Hidden Pivot midpoint support of the target pattern.
