I had to play with the time frames to get a chart that displayed a pattern I somewhat like. The one shown will do, although you should allow for the possibility that a higher point ‘C’ will be created before this vehicle embarks on second leg down. If so, assuming the p midpoint support is not closely coincident with any of the ‘external’ lows made during the recent rise, it could afford an excellent opportunity to bottom-fish with a tight stop-loss. Don’t hesitate to ask about this in the chat room, since the trading opportunity in prospect could prove suitable even for relative novices. ______ UPDATE (10:36 a.m. ET): In the chat room this morning, I flagged a Hidden Pivot at 1856.50 as an enticing spot to try bottom-fishing. Alas, the bounce we were expecting came from 2 points above it. At the moment, the futures have racked up 13 points since bottoming.
