US futures never predict the final outcome, and you can go to...

US futures never predict the final outcome, and you can go to bed at the US open confident anything can happen by the time you wake up, lol.

McHugh who was confident of a quickl sharp 2000 point fall, now appears to be backing off:
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Stocks staged a minicrash at the open Friday, breaking decisively below the bottom boundary of the sideways wave 4 triangle pattern we have been showing for the past week. This follows the 90 percent probability that a crash downleg of 2,000 points +/- is starting, one day after our scheduled phi mate turn date of October 23rd. So from this seat, it looks as if wave 5 down has started. The textbook suggests this move down should be about the same distance as wave {a} of the triangle was, which is 1,900 points +/-. That suggests a downside target of 6,800ish +/- based upon the top for wave {e} from yesterday. Downside targets do not always get hit, but again we deal with a high probability here. Maybe we lose 400, recover 150, in a series of back and forths lower over the next several weeks, maybe we see a 900 point plunge inside this move, hard to tell how exactly it will occur.


There is powerful support at the October 2002 bottom of 7,197. Right now, prices could see strong support at the 8,000 psychological level, and again at the October 10th intraday low of 7,882. If we break below 7,882, the decline could accelerate. No doubt, the PPT is active here, stopping any slide from gaining momentum. Both the 30 minute and 15 minute Full Stocastics allow for more decline this afternoon. There is a small Head & Shoulders top that has formed in the sideways pause we have seen the middle part of today, suggesting we could see a drop into the close. That pattern is not yet comfirmed.