Are this moves controlled?
Yes, they are. Seems like market is correcting all the upside movements by now and we are in a slow with a long term resistance and a horizontal support (that has been broken multiple times but w/ a candle close on it) and a support.
Does this mean we wont crash back to 2008 pre-crash levels?
No. Any crash starts from a correction and a broken support, so we can asume that if SPX500 closes below 1820 in a daily candle/weekly candle this one could go for the support and even break it starting the crash economy cycle.
What to spect?
In long term we could expect as soon as we dont break in weekly candles the resistance a fall back to 1820 and if it breaks that support, a continuation to the support. If it doesnt break it we will stay in the same panorama as we currently are but with a weak index as we broke one of it's supports. if breaks both expect a big fall.
In mid term (Term that I really like to play on this index). We could expect a bounce back to 2090 levels or a fall back to 1820. It's that simple, short 2090, long 1820.
In short term we have a . If it breaks upwards we will go straight to 2090 as mentioned in the mid term. If we break it downside it will go (slowly or fast) to 1820. By now we could set the first horizontal support around 2020 and the 2000 level.