Friday’s avalanche stopped a single tick shy of the 144^15 target I’d flagged here earlier. The possibility that the long bull market is over is growing, but we should reserve judgment until we’ve seen how much support, if any, the futures pick up at 144^15. If they instead continue to fall without an upward ‘b-c’ pause, breaching the small ‘external’ low at 143^00 recorded on May 10, that would provide further evidence that bears will remain in charge, at least for the intermediate term (i.e., about 3-5 weeks in this case). There will be double support down near 143 since, as you can see, an alternative ‘D’ target sits at 143^03. Alternatively, it would take a print at 147^24 for bulls to turn things around even moderately on the hourly chart.
