Last week’s sharp decline missed the minimum downside target at 4336 flagged here last Sunday by an inch, denying us an opportunity to play the bounce into Friday’s close. This is no tragedy, however, since the futures are unlikely to go much higher before they resume their fall to the “D’ target at 4237.75 shown in the chart. My confidence in this outcome is based on the decisive penetration of p=4436 on Wednesday. It is still more bearish that the futures never closed above the red line after breaching it for the first time. Getting short has grown more difficult as the downtrend has lengthened. However, if you aspire to catch a ride south, tune to the chat room, which has been well up to the task.