Bias-down target met, and that’s the bullish part.

[pay]The afternoon’s bias-down signal at ESm 1387’00 had just been tested at the noon hour’s end, and not yet recovered at 1:20, then broken hard through the bottom of the hour. The 1380’00 bias-down target was met at the bottom of the hour, and a lower low at 1372’50 was met soon after.

The low touched prior lows from Memorial Day weekend and an interim bounce has fallen back to the low again – but no lower – and now the interim high is being tested. This bounce (both bounces) is only obligatory in deference to this area having held before. Its eventual break is all but assured.

Normally that might simply be bearish. But the slope of this downleg concerns me, and the possible measurement of the next downleg to follow. Bounces from here should hold 1378’00 as resistance. Under 1373’00 could trigger much more than a drop to 1370’00.[/pay]