I think denninger has the record with a target of 210 based on the bearish pennant.
http://market-ticker...-The-Abyss.html
"The technical target for a bearish pennant pattern is derived by subtracting the height flag pole from the eventual breakout level at point (e). "
http://chart-pattern...bearpennant.htm
I've seen other targets of 560 and 660 based on the height of the triangle and descending channel patterns that are in play. 560 would coincide with the long term support line from 1974. 660 would represent the .62 fib retracement from the 1932 lows.
Denninger makes Rubinni sound like a bull.
"If we do not get this clarity and a promise with teeth to quit changing it every 15 minutes the market will grind itself into dust, failing one support level after another as liquidity is destroyed until finally gravity takes over and we find ourselves with the S&P 500 trading at 300 and half the firms in the S&P 500 bankrupt.
I can't price one stock in the S&P 500 right now on a balance sheet analysis. This is not due to economic uncertainty - it is due to Washington DC - and until this changes in both the equity and credit markets both will continue to deteriorate and choke off any hope of recovery."