Doomsday or Painful Market Correction

The technicals show the quote fell to the level of the support channel. This is technically a correction, but a very painful one. This support level can still serve as a slingshot to attempt another travel to the upside and see if it can retry the all time high. Another thing that could happen is that the market stops at the 300 level or lower and it would become a dreadful head and shoulders.
My forecast is a recovery rally that will head up to 300.