Mid-day Update… Target met. Another one coming?

Test of last week’s lows could end here, but need not.

This morning’s 2192.00 bias-down target was met to within 3 ticks, which excluded it from becoming “unfinished business below.” But no bounce ever gained traction to reverse momentum back up. And, anyway, retesting 2192.00 was always likely to also visit 2187.50 before any meaningful bounce.

So, trending down throughout the noon hour has extended to touch 2187.50. That’s also this afternoon’s bias-down target, and it held through 1:20, so the bias-down signal was not renewed. This is still a bias-down environment, and extending down anyway would next target “lower prior highs” at 2181.00.

 Still, the only bullish scenario from here would recover this afternoon’s 2193.00 bias-down signal when the bias environment starts lapsing at 2:30. Recovering 2194.75 during the bias environment would get a benefit of the doubt for already reversing momentum up, albeit not in an optimal way.

A terrifying characteristic was finally included, which this pattern’s template suggested should be part of the drop before it can end. And nothing has made this dip any less likely to recover. Recall that yesterday’s late drop extended down only after the position-squaring window had isolated a fresh low under 2199.75. Now this morning’s bias environment has also isolated its probe under the open’s 2194.50 low.

None of which prevents dips to lower lows. But their origins suggest that this stage of the dips is not strong-handed enough to prevent retesting yesterday’s highs. And probably also probe higher to fulfill the 2220.00 objective created by last week’s recovery above 2192.00.