Clear targets (i.e., one labeled D=3491.00 in the chart) are getting whacked, implying there’s more selling to come. If so, use the 3463.25 target of the ABC pattern shown as a minimum downside target. That’s a midpoint Hidden Pivot, and if it’s breached decisively, expect the selling to continue to its 3384.00 ‘D’ sibling, at least. Note that a lower B-C pairing yields even lower targets at, respectively, 3429.00 and 3337.50. As always, a significant breach of one will imply more downside to the next. _______ UPDATE (12:03 p.m. ET): Bears are just shy of getting impaled by today’s moderate short squeeze, and the downside targets would be invalidated by a print at 3543.00, a mere 7 points above the so-far intraday high. My hunch is that this rally won’t get very far, but I will short it only at a very promising p or D pivot.
