A Hidden Pivot support at 1570.80 is still our minimum downside objective and looks likely to produce a tradable bounce. However, its failure would portend further slippage over the near term to as low as 1462.40, its D sibling. There is one more number we need to incorporate into a very worst-case scenario: 1395.90, a ‘D’ target that comes from the uppermost possible point ‘A’ of the bear cycle shown in the chart. Its sibling midpoint lies at 1537.50, and although that number may already be magnetic, it will be of little value for bottom fishing because it closely coincides with the September 26 low, 1535.00.
