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[beta]

This down wave appears to be a retracement of the entire move off the late 2011 lows.
My guess is we end up around 1580 levels by late summer.

Using simple Fib tools, next key support levels:

1780
1680
1580
1480

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=3&mn=0&dy=0&i=t69513407989&a=346689407&r=1397410785103.png

Edited by beta, 13 April 2014 - 12:49 PM.