SPY repeat of 50% retracement is a possibility

After the selloff began, the price retraced 50% of it's losses before moving down further to the recent low. We've now retraced almost 50% again. I'm wondering if we can hit the 50% retracement and continue downward like we did previously or if we've gotten as close to 50% as we're going to already and are now going to head down from here. The 20 day EMA and 10 day price channel as well as the downtrend line drawn from the previous 2 peaks all converge in this one area around the 50% retracement . I turned off those indicators because they were an eyesore and my main point is the 50% retracement . Other indicators such as RSI and MACD appear bullish so take this analysis with a grain of salt. Also noted is the lower volume during this recent rally.

Trade geschlossen: Ziel wurde erreicht:

Anticipated reversal point established.