The chart shown shows the pattern that I flagged earlier this morning in the chat room. The futures, which were a ‘mechanical’ short from p2=29.27, look all but certain to hit the 28.13 target shown. I expect a tradable bounce from that number, but only time will tell if the low marks a bottom of at least intermediate importance.______ UPDATE (10:05 p.m. EST): There was just one fill reported in the chat room, and it had to weather 57 ticks of adversity to survive, so I’m not establishing a tracking position. Even so, it’s possible the 28.13 target came close to catching an important low. The new chart shows how my forecast could conceivably have gotten traders in much closer to the bottom. The pattern is as gnarly as they come, but it ultimately provided a tradable bounce from within a hair of the secondary pivot, 27.64. The bounce would become significantly more bullish if it can now exceed a couple of ‘external’ peaks on the hourly chart. That would occur with a print today at 29.76._______ UPDATE (January 21, 8:16 p.m.): The rally easily exceeded my 29.76 benchmark, creating a bullish pattern with immediate potential to as high as 31.68. That would become more likely if the futures can get past a ‘midpoint Hidden Pivot’ at 30.51, my minimum upside projection for Friday.
