SPX Past Drawdowns vs Current Level and Targets

As trader we often have to look at the past to guesstimate the future. In this chart I compare two past large drawdown events, the 2000 Dotcom Bust and the 2008 Financial Crisis to our current situation. Both of these events, which were massive in nature, had drawdowns of over 50%. We are currently at 30%. If our current event is similar we should expect another 20% decline from the current 2400 level, bring us to 1500 on the S&P .