Monday’s ratcheting decline turned an ebullient hourly chart into a mixed picture, with bulls and bears locked in a duel.  The former should still be presumed to hold an edge, since the $28 selloff from the recent high amounts to a so-far healthy, 0.618 correction of a $45 rally. It was fully expected, since we were using a 1278.90 target that came within nine ticks of nailing the last top, 1279.80.  Looking ahead, we’ll be better able to gauge the power of the selling by monitoring midpoint supports like the one shown. If bulls are ready to get back in gear, we should see abc corrections go no lower than their respective ‘p’ Hidden Pivots. Alternatively, if this or any other minor abc downtrend overshoots not just p, but the D target, infer that bears will continue to dominate, at least for the near term.