The pattern shown in the chart points to 612.75, a 28% decline from these levels. Although the overall pattern is pretty easy on the eyes and therefore moderately compelling, the C-D follow-through leg is taking longer to develop than we might have expected. Is this mild buoyancy a sign of accumulation? Perhaps. But we’d need to see a thrust that impales both of the labeled peaks in a single bound before we’d infer that ‘C’ is likely to be exceeded by a rally, and with it our downright reasonable target at 612.