S&P500 headed to Liquidationland

SP:SPX   S&P 500 Index
145 0 2
Expecting the S&P500             to make a new low from these levels. The blue bars are the GFC top and show a lot of similarities to the current topping formation. At this point, the blue bars retraced by 50% and continued down to a region that triggered a lot of margin calls. I think the same thing will happen if 1800 is broken, with the first support at the GFC high, and a good chance of that level also breaking if a Chinese debt crisis eventuates.
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