Steep, deep, and… done?

Next lower target met, and holding.

The next lower renewed bias-down target is 2048.50-2048.75. It was tested at noon, and then into the bottom of the hour, barely piercing this afternoon”s 2047.75 bias-down signal.

Its reaction hasn”t exactly reversed up. Ranging sideways around 2051.00 and attacking 2052.50 has been too shallow to refuel sellers. 

Triggering bias-down at 1:20 would be entirely credible for extending the decline. Waiting too long could be reliable only for probing lower temporarily. Bouncing any higher first, back above 2052.50, would be credible for a bounce — but a recovery would take much more evidence.