The usual talking heads were attributing Wednesday’s V-shaped recovery to firming oil prices, but it would have been just as accurate to say the Easter bunny or Vladimir Putin was behind it. Whatever the cause, short-covering bears scrambled for cover about an hour into the session, when initially fierce selling appeared to dry up. The intraday low in this vehicle was 1246.50 — equivalent to a nearly 300-point plunge in the Dow and just six points from the 1240.75 target we’d been using as a minimum downside objective. The fact that the target was not quite reached should make us cautious about getting in the way of any follow-up rally in the days ahead, since it could conceivably achieve marginal new record highs.  It would take but one more surge equal to yesterday’s to get it there. Meanwhile, traders can use the 2092.00 target shown as a minimum upside objective for the very near-term. Night owls can try a ‘mechanical’ entry at either p or p2, but don’t attempt it unless you know what you’re doing.