Very Bearish Outlook for the S&P 500

FX:SPX500   S&P 500 Index
With major support being broken the SPX500             looks like it will be heading much lower to retest previous support levels. Major support levels on the weekly chart align with the 1.27 and 1.618 fibonacci extensions of the most recent impulse leg. The market may retest 1730 levels and eventually the 1640 levels over the upcoming weeks.
Market hit 1808 level which is a break of the most previous major structure low.
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