These are the levels to watch to see if this is just another setback, or it turns into a longer term top.
On the chart below I have put the retracement that each setback has hit since the 3/23/20 low. As you can see other than the first setback in April 2020 that hit 38.2% to start the massive rally all the others held 23.6% to either the March 2020 low, or the 9/24/20 low.
Today's low hit 23.6% back to the 9/24/20 low on the nearby chart and just above the 3703.00 on the March contract, if this is all they can break after getting back below the 3802.00 major Gann square, everything remains very positive and they go for new highs.
On an extended break the longer term target is 3225.00, this is 38.2% back to the March 2020 low.
The other levels to watch for support are 3612.00 this is 38.2% back to the 9/24/20 low and the 3582.00 major Gann square. The next area is the 3474.00 major Gann square and 3468.00, this is both 23.6% back to the 3/23/20 low and 61.8% back to the 9/24/20 low.
The key on any break is to see just how far each rally can go. They should start to stay below 38.2% to start and then 23.6% once the move really gets going, just as they held those levels on the way up.