The rough ride for equities may not be over, according to the charts. After losing 500 points on Thursday, the Dow could drop another 700 point before finding some support, Darryl Guppy, CEO of Guppytraders.com told CNBC on Friday morning.
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"With the head and shoulder pattern in the Dow, it's giving us a downside target projection of around 10,600," Guppy said, after Wall Street suffered its worst sell-off since early 2009.
Guppy believes the 3 major U.S. indices - Dow[.DJI 11383.68 
-512.76 (-4.31%) 
], S&P 500[.SPX 1200.07 -60.27 (-4.78%) ] and Nasdaq [.IXIC 2556.39 -136.68 (-5.08%) ]are likely to hit their downside targets.
"The key factor is we are now beyond the crossroads," he warned, "For instance the S&P, we've moved below the neckline value and we've moved below the neckline value in the Nasdaq." Read more
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