First, the market will probably retrace, almost certainly to the 183.50 level.
If it doesn't, then this is a strong correction, but once it's over it will come back to fill that gap (most likely) even if a new secular bear emerges and no new highs are made.
So: either the market will go back to around 183.50 or higher and if it doesn't exceed 185 will probably go down much lower to correction levels over next 1-3 weeks (170-165)
OR: market keeps going down to 170-65 level and then comes back to round 183.50 level.
Trading idea: wait for a clear buy signal on either 30 min or 5 min timeframe and then enter long. Once enough profits in the bag, can place breakeven stop in case downtrend resumes.
If signal fails, then wait for another buy signal or immediately reverse (failure of good buy setup is obviously), but that's a different approach to this commentary which is calling for a pullback.
Another longer-term approach is to start buying and be prepared to keep buying all the way down to longer term support. That takes time and deeper pockets, but generally: if a market goes strongly in one direction without significant correction and you are caught going the wrong way AND have deep pockets - or are not over-leveraged relative to your account size which is saying the same thing - then you can keep averaging in at more favourable price so that when correction happens, you will quickly make profit on entire position.
the inability of the market to rally to 183 level, evidenced by making lower lows after this post, indicated the sellers were in charge. At some point a bottom was formed by several retests at which point this originally pointed-out 183 level is the natural target of that rally, which is what we have seen and what I typed out in trading ideas - which included what to do if it kept going down - the first post a couple of weeks ago
This is all wild speculation of course, but based around this value area and gap which, to my mind, is begging for a pullback before anything else on the downside can really develop.
And to repeat: if it does just crash down next week without that pullback, then at some point on next longer-term swing up, it will try for it and that zone will be good area to take profits from lower-down longs and load up on shorts. IF it doesn't first pullback and goes straight down. If it DOES pullback, then a deeper correction is more reasonable because that gap no longer acting as magnet.