Buyers had a coronary a millimeter above the 319.43 Hidden Pivot target shown in the chart. It had been three weeks in coming, and we should therefore expect this correction to take at least 3-4 days to run its course. It could turn out to be much worse than that, however — perhaps even the dropping of the ‘second shoe’ that we have all dreaded.  If so, expect to see minor abc downtrends start breaching midpoint Hidden Pivot supports and exceeding their ‘d’ targets. The lesser charts will be a good place as always to assess the trend strength, and to temper our enthusiasm for bottom-fishing merely because we’ve become habituated to the stock market’s nutty buying spree. As the downtrend starts to lengthen, assuming it does, we may be able to trade against the trend with risk under very tight control. Stay tuned. ______ UPDATE (May 13, 9:38 p.m. EDT): Sellers looked pretty feeble on day two of the downtrend, failing to achieve even the p midpoint support (301.79) of the first robust abc pattern (30-min, a=315.95 at 11:00 a.m.). Let’s see if they can do better on Thursday, when they’ll have a Friday finish line to coax them in the direction of the trend.