The precise bounce from within a few ticks of the 1298.60 midpoint pivot (shown as a red line) validates the downtrending pattern as well as its 1280.10 target. We can use it as a minimum downside objective for now, assuming the futures don’t negate it with a move above the 1317.10 peak I’ve used as point ‘C’. Your trading bias should be bearish for now, but the target can be bottom-fished aggressively and with the tightest of stops if and when it is reached.
