The selloff from mid-September’s top was powerful enough to breach the August low (#1) with ease. My gut feeling now is that the downtrend will maintain its steep pitch until the April low, too, has been smashed.  That would create a bearish impulse leg on the weekly chart, something which has not occurred since January. The effect would likely be more significant this time, however, since the lows that will have been surpassed are far more imposing (and therefore ostensibly supportive) than the earlier ones.  In practical terms, the implication is that the C-D follow-through — unlike in January, when there was none — would reach its D target. As always, we should allow for the possibility that things do not always play out as expected.  If, for instance, the current down-leg were to take a breather, correcting upward for a couple of weeks (shown with a dotted red line), that would diminish the putative power of the downtrend. It would also effectively shorten the odds that the move from September’s high is merely corrective rather than the beginning og a full-blown bear market.