This is a long term weekly chart of SPY . A nice parallel uptrend channel started from 2009 after a consolidation (2000-2009) ended at 2009. A downtrend parallel channel also started in 2022. If price wants to fit into the long term uptrend parallel channel , we may see another 18% down.
Now, Red dotted channel could also be possible which shows another 12% (instead 18%) down.
Now, Red dotted channel could also be possible which shows another 12% (instead 18%) down.