From a technical viewpoint: Fridayâs action unfolded in an outside reversal bar suggesting if the market close lower today a two to three day decline will unfold. The target for the downward pattern will is the 1427.65/1419.20 range. The extreme allowed is the 1416.40 level. A penetration of this level will signal a minor top. The pattern that I have been tracking for the past several weeks suggested that I believed we were in the final phase of this sequence. The market reached within two points of the target but it appears that it failed to unfold in a structure that would confirm the completion of the sequence. The chart ( see attached file below ) suggests that the market is still in a corrective phase. The pattern now looks to be a double three pattern or an (a,b,c,x,a,b,c) pattern within a 4 wave. This suggest that there will one more minor decline to followed by a rally to new highs in the pattern before an intermediate top will be signaled. The next few days will be critical in determining if Friday action was a beginning of a more sustained downward move or just some more of the same pattern that has been unfolding over the past several months.