Friday’s punitive reversal occurred from a high recorded several days earlier that missed a crystal-clear target I’d flagged at 295.62 by a mile. Although the target remains valid in theory, it seems more likely that the selloff will gain momentum this week, generating an impulse leg on the daily chart. That would require a print below 287.84, a threshold that will probably be achieved on Monday’s opening if index futures have opened weak Sunday night.  The bearish impulse leg would be no more powerful than the one in early December that gave rise to a powerful rally, but this time it would be occurring in a more critical place — i.e.,  visibly short of an important target that had the potential to cap the bull cycle begun in October. Regardless, bulls should brace for a fall to at least p=284.62 before they venture forth again.  That would trigger a long-shot ‘mechanical’ buy in theory, but we would take the trade only with risk very tightly controlled, if at all. ______ UPDATE (Jan 27, 10:07 p.m. EST): Sellers overshot p=284.62 (see above) by  0.76 points, implying they are not spent. The impulse leg would grow in power if further weakness on Tuesday exceeds 283.56. _______ UPDATE (Jan 28, 9:08 p.m.): DIA leapt higher at the bell and never looked back. In retrospect, p=284.62 now looks like a ‘mechanical’ buying opportunity foregone. Bulls have a tough climb ahead nonetheless if they are going to reach the 295.62 target that was missed by a foot on January 17, when the Dow notched a record high. _______ UPDATE (Feb 1, 10:57 p.m.): A tough climb indeed!  DIA reversed sharply from well shy of the 295.62 target identified above and now appears headed down to at least 280.08. Bottom-fish there with a small-pattern rABC pattern, but be prepared for the worst, since the coronavirus scare is waxing. _______ UPDATE (Feb 3, 9:53 p.m.): Like the E-Mini S&Ps, which we also tried to buy, DIA turned sharply from a Nowheresville low between p2 and D=280.08. The rally may have seemed powerful, but it actually fell well shy of the 289.29 print it would take to turn the hourly chart bullishly impulsive.