COMP recently tagged the .618 retracement of the decline from 5132 to 1108.

continued for members…

In the process, it tagged the purple channel midline, the top of the red channel, and completed a number of smaller scale Crab Patterns.

It exceeded, however, the 1.272 of the decline from Oct 2007.  So, the white 1.618 and others that are in the 3840-1855 range will likely form the next higher target range after a pullback here at current prices — assuming the pullback is merely corrective and limits itself to 3200 or so.

There are many potential downside targets.  I’ll hold off on identifying them until we can see some downside momentum get going with COMP.