The minor corrective pattern shown looks good enough to bottom-fish, although doing so with a three-tick stop-loss at 1275.20 will probably be less risky than attempting it at p=1283.95. That’s because the higher number precisely coincides with the point ‘B’ low of the pattern. As such, it is likely to attract the kind of competition we seek to avoid. Trading opportunities aside, if you’d rather sit back and observe, a bounce from anywhere above 1275.20 would be bullish, provided the rally surpasses at least two prior peaks, as all good impulse legs must. Alternatively, an easy breach of 1275.20 the first time the futures encounter it would suggest more weakness, presumably corrective, ahead.
