Bulls have gotten dragged lower for the last two weeks, kicking and screaming every inch of the way. However, I doubt they’ll avoid the punitive implications of the reverse pattern shown, with a 4777.50 target that lies 7.5% below Friday’s settlement price. It might not turn out so badly, though, since the midpoint Hidden Pivot at 5055.50, which has served lately as our minimum downside objective, could conceivably contain the correction. But if it is decisively exceeded, we shouldn’t hesitate to short a rally back up to the green line aggressively.