I see downside risk over the near term to as low as 29.940. To come up with this target and a compelling pattern, I took as its point ‘B’ the first low to breach last January’s 31.600 bottom. That is the second most important ‘external’ low on the chart, after mid-February’s 32.715, and that’s why I consider 31.090 worthy of anchoring this bearish picture as its point ‘B’. All of this is more easily imbibed visually, so I’ll suggest taking in the accompanying chart in a glance. Most immediately, if further selling awaits, it should be telegraphed via corrective rallies that do not reach their ‘d’ targets.
