The futures are closing on a key midpoint support at 0.95513, although even if it’s breached and the selloff continues to D, the move would still be corrective relative to June’s low at 0.90550. You can try bottom-fishing at p, but I’d suggest using a camouflage entry rather than bid against-the trend and a tight stop-loss. You should employ a 15-minute chart to set up the entry trigger, since it may take the better part of a day or even longer for the futures to turn around, assuming they do. _______ UPDATE (Oct 25, 9:21 p.m. ET): A bounce has come from within 0.0008 of the key midpoint Hidden Pivot I’d flagged at 0.95513. This confirms the bearish pattern as well as the likelihood that the December contract will fall precisely to 0.90550 if and when p is decisively breached. _______ UPDATE (Nov 1, 5:34 p.m.): Today’s explosive rally was strongly impulsive on the hourly chart. It had little impact on the bearish picture evinced by the longer-term charts, but that would change if buyers can push the December contract above a 0.95725 peak recorded October 9 on the way down. _______ UPDATE (Nov 6, 8:23 p.m. EST): This evening’s sharp break lower mirror’s gold’s, although the ‘counterintuitive’ buy signal subsequently flashed in the latter is more compelling. If the selloff is just a shakedown, we should see the futures rebound and close today above 0.96975, a midpoint resistance on the 15-minute chart (A=0.95275 on 11/1). ________ UPDATE (Nov 7, 8:12 p.m.): No rebound whatsoever, signaling more weakness to come. However, traders should be alert to the possibility of a ‘counterintuitive’ buy using a pattern like the one I’ve sketched (see inset, a new chart). _______ UPDATE (Nov 8, 5:44 p.m.): The rebound came from below our would-be point A, so no buy signal was triggered.
