Bertie has seemed too feisty lately to be prepping for a capitulation down to the 54,131 target shown. However, the pattern has been working perfectly in all respects, and the effortless downside penetration of p=60,692 on first contact strongly implies that 54,131 will eventually be achieved. The pattern also telegraphed a ‘mechanical’ short from x=63,973 that delivered a straightforward, anxiety-free gain of about $3,300 in just four trading days. All things considered, we’ll use p2=57,411 as a minimum downside objective for the time being.