It is my belief that we are in a Holding pattern and that the corrective phase is not over. I do believe that next week should see us moving lower before we move higher. That said, it seems to me that the Head N Shoulder pattern is the one to follow. Targets for this measured move should be within the 1760 to 1750 range. I mentioned yesterday that the daily lower BB line was pierced and that any move to the downside can only be sustained if the prices relieve itself by a pause or rally before proceeding lower. So far so good I guess.
Be aware that the Daily Stoch. has reached oversold levels. This is usually where to go short and not the other way. The entrance into overbought or oversold usually keeps price at an accelerated or impulsive mode.