E-mini S&P Plunges -- More Selling Ahead?

Now that the e-SPH has plunged into my optimal downside target zone at 1272-1270 for the expected completion of the correction off of the 1/11 high at 1301, my work is telling me "NOT QUITE YET!" The index is pressing against very important support between 1270.25 and 1267, which represents 1) the 62% pullback area of the entire upleg from 1251.25 to 1301, and 2) the measured swing target zone within the corrective decline itself-- at 1267.50 to 1266.50. Judging from the ugly, negative juxtaposition of the hourly oscillators with the declining price structure, we have to be prepared for still-more selling pressure in the lower target zone prior to the expectation of a significant upside pivot reversal. MJP 01/20/06 1:20 PM ET (1272.50/75)

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