The futures came down yesterday almost as sharply as they had gone up. Although this did not invalidate the bearish target at 19.100 given here previously, it generated a promising impulse leg on the hourly chart that should temper our bearishness, at least for the time being. What’s needed now is a follow-through rally — a c-d leg, in Hidden Pivot parlance — that pushes easily past the midpoint resistance (and thence the D target). I’ve sketched this hypothetically, but all we can do in the meantime is keep our fingers crossed.
