On their way lower, the futures have bounced twice precisely from the 2972.63 midpoint Hidden Pivot of the pattern shown, validating the pattern itself and its 2808.25 target. That doesn’t mean sellers are certain to pound it down to that level, but odds of this happening would surely increase if p is decisively exceeded to the downside. How decisively? A two-day close beneath 2972 would suffice, or a plunge hitting 2940 (or so) intraday. If instead the support holds and the next up-cycle exceeds the 3182.00 ‘external’ peak recorded on February 26, that would imply a retest of the old record high is likely.
ESH20 – March E-Mini S&P (Last:301950)