the PATTERN failed this AM and the market pushed higher. for a correction in the market to continue in earnest, you can see we need the .786 level to hold. right now, the low back in late/mid January should not be taken out to the downside w/out a little more pullback in equities.
also, note the blue measured move arrows. probability says we sell off a little if that level does get hit as it has reacted that way the past two times.