S&P500 outlook using Point & Figure charting

This is a corrective/bearish outlook on S&P500 Index based on Point & Figure charting.

The Index managed to breach below the first uptrend line around the 2,550 level. Based on P&F charting (which is, arguably, one of the oldest charting techniques used in the western hemisphere), I expect the Index to dip to the second major uptrend line @ 2,200 points (-12% from 2,500 level) as a first target. My second expected target is around the peak of the first consolidation seen on the chart @ 2,100 points (-16% from 2,500). The third expected target, albeit far-fetched but remains a possibility, has been derived from the horizontal-counting and not shown on the chart, is 1,750 points (-30% from 2,500) points.

It should be noted that the P&F chart used has been setup as 25x3

*Always remember; this is an opinion, not a recommendation*