For over a century, the global economy has been developing in well determined cycles which have been scaringly exact! It is divided into 2 parts, half of it describes a strong market, while the other half represents a non-trending period with more crashes and recoveries. Interestingly, since March 2000 (which is the begin of present sideways cycle's half ending soon) the market has moved sideways harmonicly, surging 161,8% of the range from previous top to the plummet's bottom. Similarly is 19000 level of the Dow for the range of 2008 crisis. Conditions are similar as well, the market showing sign of weakness and overbought conditions at the end of another cycle. Unfortunately, this chart gives hint at very pessimistic years to come soon and it would be wise to be aware and prepared But there is also a good part! Sun will shine again, market will probably totally recover beginning with 2020 and start another extremely 2 decades and I am already very curious about the new technology that will lead to the next cycle!
Thank you for your question! After such a fall it would need years to start recovering, think about economic circumstances by whch it could be dragged there and also what such plummet could further cause. But I believe after some difficult years we should begin a new strong bullish cycle, behind that being new tech that will increase again the productivity and enhance economic activity adding again new value. (Quantum Computers, Robotics, Genetic Engineering, etc. ? ). I hope I made the idea clear :)
It could, the ATH was slightly under 18700 and in the description it is written for 19000 to important level. It is mid October, which is considered to be historically a month marked by high volatility, there is still plenty of time to test approx. 19000 or retest previous high, or just break under 17900 and start a bearish downtrend directly. I am still waiting for a setup here on 1D chart.