Indices 05/08, page-79

SPX left 2 gaps, one at 5,350 and one at 5,450.
The 5,450 corresponds to the 618 Fib so if this drop is not done, we may have a bounce all the way up to 5,450 to fill the gap and then sell off further from there.
Realistically the 618Fib extends to 4,700 on the way down which is roughly 16.5% drop from ATH... that kinds of takes us to bear market if we break the previous low of 4,920