If the bearish target at 1022.75 is reached as predicted, a 500-point plunge lies just ahead for the Dow Industrials. Friday’s feeble rally did little to change the outlook, since it surpassed only a single prior peak on the hourly chart, not the two that we require. Even so, we should be on our guard against a short-squeeze, since it would only require a print today at 1094.00 — 5.25 points above Friday’s peak — to turn the odds against bears for the short-term.  The 1022.75 target would nonetheless remain valid in theory as long as 1174.75 (aka point ‘C’) has not been breached to the upside, but for all practical purposes it would take only a print at 1123.00 to all but guarantee significantly higher prices thereafter.