Big picture targets noted here earlier lie respectively at 1150.80 and 1028.50. Bulls will still have a chance to dig in their heels at the 1186.50 midpoint pivot (red line) of the pattern shown. (Note: It can be bottom-fished with a tight stop-loss.) If they fail to turn things around there, however, you could expect the slide to continue to at least 1153.20, the ‘D’ target of the pattern shown. That is close enough to the major midpoint pivot at 1550.80 to suggest the two together will exert a magnetic pull once 1170 (or so) is breached. Because they are separated by a few points, you’ll need to use the camouflage technique if you attempt to bottom-fish.
