Thursday’s exhilarating plunge has given bears a ray of hope in the form of a minor impulse leg on the daily chart. I’ve labeled it in red, but it will be bucking the larger and more significant uptrend labeled in green. We should know by next mid-week or so whether the selloff is going to get legs, since, if this becomes likely, the evidence will come in the form of a downtrending ABC pattern that exceeds its D target. We’ll keep out fingers crossed, since the only way for the economic world to return to something like normalcy will be for the Dow to shed 10,000 points and bring everyone, not just investors, back to earth. From a purely technical standpoint, however, and strictly speaking, the pattern shown is so far looks like just another correction in a bull market that has been running loco for more than seven years. ______ UPDATE (May 1, 9:35 p.m. ET): Two straight down days have given bears a little momentum, notwithstanding the weak short-squeeze rally that closed out the week. Now, if the selling were to continue without pause, exceeding the 17,399 ‘external’ low recorded in late March, the decline would start to look interesting. _______ UPDATE (May 3, 12:36 a.m.): Although the Indoos rallied 117 points yesterday, the move was merely corrective relative to the bearish impulse leg created by last week’s two-day decline.  I doubt that buyers have the gumption to push this brick to new highs straightaway, so we should look for the Indoos to roll down today or tomorrow in search of oxygen.