Blue Line - Sept-October support
Orange Line - Feb High Pre-Covid
Black Line - Bottom of channel 2012-2020 upward trend
Personally, I think the fundamentals of the economy are worse than they were pre-COVID (unemployment, forestalled foreclosures & evictions, bankruptcies, businesses closing...), which means we should logically go down around the Orange Line and lower.
Wave Analysis suggests were in a C leg of a correction, and only due down to somewhere just above the Feb ATH support.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*