The composite weekly chart (see inset) allows us the interpretation that January’s low surpassed not only the August 2015 bottom, but the key low recorded in October 2014.  Thus was the sharp selloff last month powerfully impulsive. Moreover, it portends another leg down, presumably within the next 2-4 weeks, to as low as 1669.25.  From a visual standpoint, it is hard to imagine a second leg down as steep as January’s. But even allowing for a couple of sideways bars for the next week or two, the futures are unlikely to avoid a test of the midpoint Hidden Pivot support at 1804.63. My gut feeling is that this number will be decisively exceeded the first time the downtrend encounters it, implying further slippage to at least 1736.94, the pattern’s ‘secondary’ pivot.  Regardless, the fact that last month’s plunge took out two prior lows of weekly-chart degree all but guarantees that any rally from these levels will fail.  The big moves will be to the downside in the months and possibly years ahead, and we should therefore take greater risks to get short. We did so during Wednesday’s weekly tutorial session with a ‘forced’ short that failed by a tick to catch the high of the 26-point plunge that ensued. We’ll keep trying, so stay tuned to the chat room for guidance in real time.