Yesterday’s bounce came from an interesting — and potentially important — place: four ticks beneath the midpoint pivot of the bearish pattern shown. If it is eventually breached, that would indicate more downside to at least p2=150^21. However, bulls deserve the benefit of the doubt for now, since the bounce is bullishly impulsive on the hourly chart. Ending this nasty correction, now in its third week, would take a rally exceeding the point C of the pattern, 156^11, but the futures are nonetheless a bull trade at the moment.
