Here is a 60 minute bar chart showing 24 hour e-mini trading during the past couple of weeks. I think the drop from 1224.75 is in its terminal phase. I am expecting a final low in the 1180-85 range (green oval).
That target zone is at the confluence of support provided by the 1182 top on October 19 (lower green dash line) and the lower channel line of the red trend channel.
Once this low is in place a move to 1250 or so should start. The March 2008 low was 1253 and it occurred on the Bear Stearns failure. This combination marks that level as strong resistance above the market.
