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posted on 08 February 2018

Targets For This Decline

Written by , Rick's Picks

My Precise Targets For This Plunge

The 2609.75 Hidden Pivot target we used to stay ahead of Thursday’s avalanche gave way at day’s end, implying the plummeting S&Ps probably have further to go, possibly significantly further, before they hit bottom.

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I’d suggest using the 2419.00 target shown as a next-to-worst-case target. A fall to that level would equate to a 1700-point plunge in the Dow to 22,000. It will become more likely to be achieved if the red line, a midpoint Hidden Pivot support at 2572.88, is decisively breached.

Click for large image.

There are two logical, alternative possibilities:

  1. The futures reverse from the low they made on Thursday just inches from 2572.88; or
  2. The ‘secondary’ pivot at 2495 eventually breaks their fall.

Any one of the three ‘hidden’ supports could turn things around, but a decisive breach of one would portend more slippage to the next. Please note that my absolute worst-case low for this increasingly noteworthy sell-off is 2377.25. It is based on using the highest possible point ‘A’ on the chart, the record 2878.50 print on January 28.


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