The move down since it hit the 526.50 major Gann square on 8/30/23 has only attempted to rally two times and both ran into key retracements.
The first one was on 9/29/23 at 38.2% back to the 8/30/23 high and following the ONE44 38.2% rule we should have been looking for new lows. This did happen and the second rally attempt hit 23.6% back to the same high at 420.50, this was also a major gann square. From the ONE44 23.6% rule we know,
Extremely strong/weak markets will only go back 23.6%. This is Typically a runaway market.
The break from there took it to just short of the 340.25 major Gann square and 61.8% on the long term chart at 336.50.
Use 336.50 as the swing point for now.
Above it, it didn't hit 61.8%, but did get close enough to say that on a rally from here the long term target area is the 458.00 major gann square and 61.8% back to the high at 461.00. The short term target is the area of 38.2% at 415.00 and the 420.50 major Gann square. Any rally that can't get above 23.6% at 387.00 keeps the trend extremely negative and new lows can follow.
Below 336.50 the target is 78.6% on the long term chart at 293.75, this is also a major Gann square.