Buyers turned chicken late in the session, relapsing 15 points instead of taking on the 2683.50 ‘external’ peak shown. They’ll get another crack at it on Tuesday, but if they need more time, we should look less seriously on the effort. Keep in mind there’s an unfulfilled downside target at 2474.75 that goes back to a cycle begun from 2944.75 on October 3. The midpoint pivot lies at 2646.63, a number that has been central to the E-Mini’s oscillations over the last week or so. But if Friday’s 2626.00 low gives way, that would imply more slippage to as low as 2560.19, the pattern’s secondary pivot. Here’s the chart, which also references an interim target at 2595.25.
