The Dow has collapsed from a high that fell just shy of the 27,251 target I’d drum-rolled. By day’s end the selling had slightly exceeded a key low at 25,608 recorded on August 23, although not by enough to rule out a possible ‘counterintuitive’ bounce from these levels. Failing that, however, we should expect the Indoos to home in on an even more important low at 24,965 recorded two months ago. At that point the Dow will have shed 7.3% of its value since hitting an all-time high eight days ago at 26951. Worst case, Hidden Pivot targets aside, would be a test of the 23997 low carved out on June 28.
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