Because the downside is extending beyond "normal" third and fourth wave Fibonacci extensions and retraces it is currently prudent to look a bit lower. See chart. Once the mid-2800s are ideally reached we should see a wave-ii/b bounce, before a wave-iii/c takes hold. Note that simple symmetry downside breakdown targets SPX2710, which would fit a 1.618x extension of wave-i/a for a complete wave-iii/c. So once this first initiation move is complete and the oversold bounce to ideally around resistance 2840-2850 takes hold I am getting ready for the next larger move down.
Many will point to sentiment and other washed out indicators to say the markets "must rally", but remember that crashes happen when markets are already oversold and sentiment already is . Nobody panic sells when everybody is . It's simple the reverse of a Bull market, where strong upside momentum and very overbought readings and sentiment can continue for a long time. So that is why I see sentiment etc as tertiary indicators. Price comes first: primary. second: secondary (because it shows the markets strength/weakness from "under the hood"). Everything else is IMHO tertiary.
Lastly, note that I label the larger waves as i/a, 2/b etc, because we can never know before hand if a move -even if 5 waves- in either direction is the start of a new impulse (i,ii, etc) or part of a correction (a,b,c) where wave a and c are also 5 waves... So to prevent hubris, always label them as both initially until the market eventually tells you which it is. Yes even c-waves can be made up of three waves, and are not always and necessarily comprised of five waves!