Bears have looked quite pathetic recently in their unheroic struggle to achieve the modest 18.450 downside target shown. Their efforts would officially be categorized as a failure on a print above the 19.930 point ‘C’; however, buyers seem to have no more energy for that than do bears for promoting a washout. The result has been stretch of airless tedium that could continue indefinitely, were such a thing possible. Since the futures are near the bottom of their range, we might look to do some cautious bottom-fishing. In practice, that might entail bidding at the p of D target of the small downtrending ABC pattern toward the right-hand edge of the chart. I’ve sketched this hypothetically for your guidance. _______ UPDATE (11:20 p.m.): The futures traced out a very tradable low yesterday almost exactly as I’d sketched. If you did the calculation you could have gotten aboard for a 62-cent rally just one tick off the intraday low at 19.045 low, since the midpoint pivot that I’d labeled ‘p’ occurred at 19.050.
