http://content.screencast.com/users/DocBarter/folders/Default/media/09c12e50-f4c9-4f73-b8e9-6243b2bd540b/SPX%20Chart.png
If we look at the daily chart, the obvious target is 1348 - 1363 and break would be 1408.
The 1363 looks the most likely target ! 1348 is also sufficient as a top ! The move back up would create a perfect distribution pattern.
Starting from there I would collect shorts with an intermediate time frame in mind. The target depends on the high we make.
Assuming 1363 !
1040 - 1363 = 323 points x .382 % = 123 points drop
1004 - 1363 = 323 points x 50% = 161.50 points drop
There shall be no doubt that we will drop after the daily concludes at the upper range and becomes overbought. It will line it perfectly up with the weekly.
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