I know Zeev is more bearish than this, but I think that we will be damn lucky to drop to 1315, and if it happens it would be wise to go long with an eye to cover on any acceleration of a drop through 1278, because it will mean we are falling apart, quite literally. Frankly, any drop is a gift now. I am not seeing a lot of gray here at all. Just mo.
edit: I see Zeev mentions 1320, which is the exact number I think we simply won't crack, and I am not sure we get there. This projection is a reflection of my opinion that a new cyclical bull began on August 5th, and if thats the case certain levels should simply not be breeched any time soon.
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