S&P 500 Takes a short break from the downside. More downside to come!

The S&P 500 has taken a beating. It seems to be taking a break from the downtrend at a Fib. line. I'm seeing 1200 or 1175 as my next S&P price target. That would be a retest of the lows from 2007. We might pause at 1235 but my target is 1200.