I see the formation as being in a descending trend channel as it...

I see the formation as being in a descending trend channel as it seems more appropriate to include the full formation rather than start from part of the way down from it but that is not the reason for my post. It's to give my views on why the price has weakened so much lately. Especially on Friday and what the future can hold IMO.

It seems most pundits are placing the reason for the near 1,000 point drop in the DOW to Powell's signalling on Thursday that the central bank was prepared to raise interest rates rapidly starting in May as it tries to cool down the economy and prevent fast inflation from becoming a lasting feature. He wants keep it "transitory." Meaning prices won’t continue to increase at their current pace for too long. Good luck with that.
Leaving out food and energy costs in the CPI is a trick that is tried to fool the masses. Food and energy prices are exempt from this calculation "Because their prices can be too volatile."
What a pathetic reason for doing so. And then he talks about a goal of 2% annual inflation. 2% was history long ago.

The "Federal" Reserve can't stop an already, exponentially increasing rate of inflation by raising interest rates or anything else they do for that matter. So it seems to me this drop will be just the beginning as investors begin facing reality as they see the task of fudging up the the stock market via QEs (buying massive amounts of government bonds or other investments from banks in order to inject more cash into the system) and anything else they try will become increasingly more difficult and what they are doing is an essential part to this 11 year old bull market to keep it's already over-inflated bubble from bursting.

It's not only America that has big inflation problems. There are many other countries. Some are Argentina, Germany, Mexico, Peru, Spain, Sri Lanka, Turkey, and UK. All have insurmountable problems that can't be fixed by reserve banks.

Although that is one elephant in the room, it's not the biggest.
There is what seems to be a psychopath for a president in Russia. What if he doesn't get his way with NATO? If America and other countries assist Ukraine, are nuclear weapons on Putin's agenda?Supposing America goes to war with Russia, which is a possibility, what will China do?

The market doesn't like uncertainty and here it is at it's worst since the GFC.