I can offer a 2431.50 downside target for now, but it is a minor one, more suited to the needs of scalpers than to long-range forecasters. Regarding the latter, the chart shown is hardly a picture of good health. The breach of an important Hidden Pivot support at 2476.25 Thursday was modest, but it was still sufficient to imply that another big down-leg is coming once the futures have corrected current excesses. If 2431.50 evinces no tradeable bounce, take it as a sign that DaBoyz are not be eager to take a bullish stand as the week draws to a close. If shares are getting whomped and there is no short-squeeze rally in the final hour, my guess is that the Dow will finish down a thousand points or more. ______ UPDATE (Dec 23, 6:15 p.m.): Considering how badly the 2431.25 target (see above) and a 2432.75 midpoint support from a lesser pattern got crushed on Friday, odds of more slippage to at least 2357.50 are high. You can bottom-fish there aggressively if you’ve been short for at least a part of the ride south. Here’s the chart.
