Permabears shouldn’t get their hopes too high over the Cyprus affair, since the hourly DJIA chart is not exactly screaming “Sell!”  In fact, you can see that recent downthrusts have failed to create impulse legs on the hourly chart, much less the daily where real trouble shows up. Yesterday’s low failed by a hair to take out Tuesday’s, implying that the selling was just traders marking time in preparation for the next short-squeeze buying binge. If you’re looking to get in on the ground floor, keep a close eye on the 14405 midpoint support shown in the chart. Assuming the upturn its coming soon, that’s the most logical place for it to start.  _______ UPDATE (1:15 p.m. EDT): The selloff didn’t even make it down to the 14405 midpoint before DaBoyz seized control. They opened this hoax at 14421 and ran it 50 points higher on the opening bar, goosing it yet another 50 points shortly thereafter.  ________ UPDATE (March  25, 1:33 p.m. EDT):  Before plummeting 170 points today, the Indoos head-faked their way on the opening to within 9 points of a target I’d drum-rolled a while back.  Here’s the original tout (and if you managed to get short, please let me know in th chat room): The 14572.39 target shown is one that I like, for reasons that seasoned Pivoteers will appreciate. Mainly, it’s the clarity of the ABC price points amidst a hot mess of steroid-addled, psychotic upwardliness.  When I say that I ‘like’ the target, I mean to imply that it has the potential to stop this rally in its tracks.  This would be no small feat, since the stock market’s surreal ten-day winning streak reportedly hasn’t been equaled since 1996.  Keep in mind that our target is not chopped liver, as I am fond of saying, and so if it is easily breached we should infer that bulls are preparing to rampage next week, pushing the rally into an even steeper parabola. Were that to occur, my minimum upside objective would shift upward to 14981.16.  In any case, subscribers are encouraged to improvise tightly stopped (i.e, 2-3 points) shorts from 14572.39. ______ UPDATE (March 25, 11:35 p.m. EDT):  The Indoos spent all day Thursday pounding on our target, eventually busting through it on the way to an intraday high at 14585.  That is almost surely sufficient to guarantee still higher prices over the near term.  However, there are so many abc rally patterns to consider at this point that it would be presumptuous to single out just one of them for purposes of deriving a target for today.  The new chart shows some of the myriad possibilities.