This market has reverted to the mean in dramatic fashion. I've taken the liberty to label the waves as I have in an admittedly premature assumption keep that in mind.
This is an area of confluence of time and price that should at least provide support, and at best become the launching pad for an advance to new highs? That seems impossible.... given what we know of monetary policy and other headwinds present at the moment. That being said... has the market fully digested these factors? ..... Time will tell.
@redlinesd, I don't rule anything out.... I see you played with fib circles in your previous ideas... Here is my discovery with fib circles on the SPX. Draw line from March 2009 low to bottom of March 2020 low. It pretty much nailed the high in Dec. Looking to re-test it a little later this year?