There will be another downturn in the SPX. Since the current bull market has lasted since 2008, the fall will be severe. Assuming the the peak occured in September 2018, the Fibonacci 38% target level is around 2080. If the final peak is yet to come, the target level will be higher, but still equivalent to a 38% decline from the new peak. It is interesting to note that the bull cycle from 1974 to 2000, eventually retraced 50% (in 2008). Remarkably the bull cycle from 1932 to 1972 also retraced 50% (in 1974). A similar bottom level for the next big decline would be 1810.
This is not a forecast of what will happen now. It is a very long forecast indicating what would be a realistic target once the current bull cycle is over.
This is not a forecast of what will happen now. It is a very long forecast indicating what would be a realistic target once the current bull cycle is over.