Chart XAO - nowhere to hide on Black Friday?, page-4

You scenario is possible but in my view, pretty unlikely. As I posted before I can see 5480 as the most likely theoretical decline if there was to be another major pullback. There is a long term support line in place since the early 80's - which is as far back as my data goes. A rapid fall now would break that support around 4450. Of course if you start factoring in doomsday scenarios like a runaway second wave of virus infections in the US (where Republicans and protesters seem hell bent on proving they are mightier than Covid19) then who knows where it might end. The human race have proved themselves the great survivors (so far) and while I suspect we'll take some more damage from the virus, even if we don't manage to find a vaccine, doomsday scenarios are a long, long way off yet.
Just getting back to your TA, the other reason I don't think it is likely is because these really big falls have historically always been from levels close to or at all time highs and we're not in that position at the moment. My suspicion is the market might drop back a bit and then fall into a long term sideways pattern until we can see the light at the end of the virus tunnel - and as they say, it's not the train coming (or Covid MkII)