The very precise bounce from 1216.20, a midpoint Hidden Pivot support, has validated the bearish pattern shown. It projects to 1187.60 (please note that the original target has been adjusted upward by 0.50), a little more than $40 below levels that obtained late Monday night. A plunge to the target is not a foregone conclusion, since a rally today or tomorrow exceeding 1245.40 would negate the target and provide at least temporary respite for bulls. However, if the futures should trade more than $1.50 below the red line, or close beneath it, that would significantly shorten the odds of a finishing stroke to 1187.10. Night owls looking for opportunity should use patterns from the 30-minute chart or less to create an entry trigger.  At the moment, a bearish impulse leg is developing on the ’30’,  where A=1233.80 at 8:30 p.m. EST. ______ UPDATE (February 17, 6:53 p.m. EST): Sellers smashed the 1216.20 pivot, all but guaranteeing more downside over the near term to the 1187.60 target flagged above. I like this target enough to suggest bottom-fishing there with a stop-loss as tight as four (!) ticks. Use camouflage, though, if you intend on buying more than one contract.)