IN the last update I had mentioned that losing 2456 could open up 2406-2417. On Friday we kind of stopped at 2407 nut at the open another leg down.We tagged a 1618 extn whether it holds or not remains to be seen. Ideally, I would like to see the cash session open at O/N lows and then rally if that is the case. ON smaller time frames hurdles are around the 17 area, the real test would be recovering the 2433-35 area then 2467-70 and ultimately the 2518 area. IF it is to bounce from here 2520 is a reasonable target. Given the amount of protection that has been bough CPCE Weekly there is a great chance of a rip. However, given that everyone is eyeing the same thing the reality could be totally different.