We have a potential 5 wave completion pattern with Friday's price action. The RSI(5) is in a vulnerable position, so if Monday morning's price action pushes it back below 70, then that would be a confirmation that we've completed a wave structure. Now if it is just a bullish wave 1, then we'll see price hold in the 1200 zone. Much more than that and the bears will come hungry and should get their fill with prices breaking down to the 1120 area. This would be the next bullish support area. If prices move below 1100 then look out.
My Automated System
On an unrelated note, I've been working on a fully automated system for many months now. I just finished it at the end of November and back tested it from 5/15 - 11/22. Because of the changes in the futures contract, it made it difficult to get good data before then. I'm excited with the results as you can see, but I know it is only 50 trades, and that is not enough to get solid statistics on it. I'm testing it in a simulated account through the end of the year before I put real money into it.
Here's what it has done since. It seems to average 7 trades a month. Hopefully it is even half as good as those back test results...
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