SC, One caveat to my gloomy assessment is that once the market reaches key support (Feb-April lows), then the PPT might step in aggressively with buy programs and Fed 'happy talk' to keep the market above that level.
There will probably be a bounce off support anyway, and it could take an extended period to actually break support. But since the Fed realizes their rate normalization goals will have to be put on indefinite hold once key support is broken, they might step in aggressively to prevent the big market tank.
Makes sense, but just a guess..
Of course another possibility is that the Fed will do nothing and allow the market decline to accelerate into a full rout/bear market. That doesn't make as much sense, but ultimately us small fry can only guess.
Hope all is well with you. It's pretty gloomy up here in Philly-land, with the winter doldrums upon us and the Eagles fading. I'm hoping to spend a couple weeks in Florida each winter, hopefully starting next year. These NE winters are starting to get to me..
