It is appearing to be doing so along with the other major indices and there is plenty of data to speculate that the drop will continue technically and from a valuation standpoint. How low are we going? No one knows, but we have charted a few goals reasonable to us. A book can be written on how we derive the goals, so we won't bore you now.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Confirmation level, where relevant, is a pink dotted, finite line. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe.