The weekly Dow chart with a very similar pattern which marked the 2007 top so far and since we should be close to a short term bottom again a bounce is indicated like the final bounce in 2007. Markets are very oversold now by all parameters and the biggest focus right now the looming default of Greece is about to get a short term relief early next week as the EU will unify in a very soft restructuring and Greece will pass the confidence vote which might help to trigger a brief rally towards 12400 before markets turn down again as we ar in wave 4 up once this immediate bottom is set of wave 3 down around 11800 at latest but I rather suspect that will be the target of wave 5 down. So far we are still in the trading channel and the ugly part will start once we drop below that. Right now The market should not break below as oversold as we are since behind the curtains everybodybis aware of the danger but on the other hand the same is true for Lehman and they still did it as I think on purpose to trigger the crisis. In the 11800-900 area one can cover shorts for now as I said for the SPX is the 1250 area.