Buyers are closing fast on the 27,571 target I flagged here three weeks ago, when the Indoos were trading 1300 points lower. This has happened more quickly than I might have imagined, although it’s hardly a surprise. The rally could not get much steeper, although we should be open to the possibility that a 500-point day gets us there by mid-week. The pattern shown encompasses the entire bull market and yields the highest projection that can be extrapolated from the weekly chart. Any higher targeting would need to come from the C-D leg alone and assume an extraordinary extension of the larger, ‘natural’ ABCD. ______ UPDATE (Jan 29, 8:16 p.m.): The Indoos would have to fall below 26,293 to generate a bearish impulse leg on the hourly chart.  This they haven’t done since early November, when an uncharacteristic string of weak days ultimately generated no downforce or follow-through. This time, however, the blue chip average is falling from a greater height and will be especially vulnerable because there have been no corrections worthy of the name in many months. ______ UPDATE (Jan 30, 9:04 p.m.): The hourly chart went bearish with Tuesday’s plunge, but it’ll take a further decline exceeding 25,257 to turn the daily chart negative. The Indoos could end Wednesday’s session sitting above today’s close, but I doubt this will occur without their having gone at least 200 points lower intraday. _______ UPDATE (Feb 1, 5:34 p.m.): Use the 25,741 target shown to guide your trading over the next day or two. The Indoos have tripped a ‘mechanical’ short at 26,188, stop 26,338, that is tied to the target.