First, please note that this analysis I'm presenting here is based on Long Term Monthly Chart of S&P 500 and so its not for trading but just an analysis of an IMPORTANT EVENT. Please see the following chart of S&P 500 from Yahoo Finance:
The S&P 500 index of US is a reliable benchmark for traders as well as investors, although people in general watch Dow Jones Average more. What I present here is an open secret - S&P 500 cash index made Double Top (2000 Top and 2007 Top), and yesterday it did what was most fearing for those who trust technicals - the breakout of that Double Top on downside. The number 768 was very important as was 1077 on S&P 500 and yesterday it closed well below that !
Now, considering the Double Top as a strong case, the target is way too down, so horrifying that I leave it to you dear readers. However, as I've already stated, this is not a trading recommendation as the time period is too large to consider tradeable.