S&P500 headed to Liquidationland

Expecting the S&P500 to make a new low from these levels. The blue bars are the GFC top and show a lot of similarities to the current topping formation. At this point, the blue bars retraced by 50% and continued down to a region that triggered a lot of margin calls. I think the same thing will happen if 1800 is broken, with the first support at the GFC high, and a good chance of that level also breaking if a Chinese debt crisis eventuates.