Use the 1260.50 target shown to take the measure of this correction or to bottom-fish with a stop-loss as tight as 1259.90. You’ll be on your own if the order fills, but please note that a print at the stop would be telegraphing further weakness. A larger, bullish pattern projecting to 1296.40 (60-min, A=1221.00 on 5/10) is still intact and will remain so unless the decline exceeds 1249.10 to the downside. That pattern will trip a ‘mechanical’ buy signal at 1260.90, stop 1249.00, incidentally, but I’d suggest using a ‘camouflage’ set-up on the 10-minute chart or lower to initiate the trade.
