Tuesday’s weakness smashed two of the three bearish targets given, so we’ll assume that the third, 76.62, is dead meat. Because the downtrend is displaying such vigor, I’ve used a 240-minute chart to determine how much power might remain. The pattern shown projects to 74.08, and that is the number we shall use as a minimum downside objective, looking out perhaps 8-12 days. However, if this forecast is going to be literally upended, it will be signaled by a breakaway thrust above the 77.76 midpoint. We will naturally want to keep a close eye on that number in the days ahead.
