All paths lead lower at the moment, but I’ve selected the one shown so that we can deal with the worst-case scenario over the near term rather than hoping for the best. The futures have yet to breach the 17.568 midpoint Hidden Pivot support by enough for us to presume the 17.160 target is a done deal. However, any further slippage on Wednesday would make it an odds-on bet to be achieved. Alternatively, the futures would need to rally above 18.040 by Thursday to suggest that bulls are capable of turning things around. The bigger picture remains quite bullish, with a long-term target at 22.644 that still obtains.
