The Dow needs a closing above 16350 to temporarily stabilize. Otherwise, we are not out of the woods here until we pass March. To suggest that the major low has been made, the Dow would need to climb over the 17750 level on a weekly closing basis. Keep in mind we are in a string of Directional Changes for the next three weeks, so expect this to remain vulnerable and choppy. The maximum on the downside if we elect a monthly bearish is between the 12900 to 13000 zone, where a closing below 16013 will a warn of weakness for month-end.
