In the past week we had a sharp acceleration to the downside in the U.S. stock market. This acceleration, in my view, strongly suggests that there is more downside to go. Although it is tempting to be a contrarian and call a bottom as soon as the selling gets intense and the media has a surge in bearish articles, from my own experience watching the markets, the bottom usually does not come until you get a short term rally and then a decline to new lows with less downward velocity. My bottom target range continues to be 15500-16000 on the Dow. But the most important thing is not the price level reached but rather that the decline subdivides and stops accelerating.