A very stale rally target at 1477.50 is still viable, although the long wait has made it just a theoretical curiosity at this point. It was confirmed in theory when the low of Friday’s selloff came within two ticks of its midpoint sibling, 1450.75. More immediately, the minor downtrend projects to 1446.00, the ‘d’ target of the pattern shown. Because it falls between two distinctive ‘external’ lows, any bottom-fishing is best attempted using camouflage. Night owls should be alert to a possible upturn from 1451.50, the ‘p’ of the corrective pattern.
