Just using history as a guide here. 198 bars from highest high to lowest low.
Last drop was 55.64%, duplicated to the present and projected to the future.
Notice how the 61.8% Fib. Level will be quite close to the projected $126 level.
#SPX is in a sideways mode and above the cloud using line chart (magenta). However, how the price reacts with the green or light red lines of the cloud will tell if this stays bullish or not. My concern is the rising support line (white) has been violated/ rejected twice already in recent days... Bulls must prove they want this higher. MACD is not quite above...
I'm expecting a zig zag return to the green support line... overall Bearish for the next two weeks or so.
First target at the .236 Fib level or possibly .382 Fib level, then a slight upward rebound followed by
more descent, most likely to .618 Fib level, again a slight upward rebound and
finally a flush out to the green line.