Heres an updated look at the 2008 chart overlayed on the current price action. Based on the chart I am expecting a slight rally and consolidation period in the beginning of the year, Q1 +Q2, before trading lower and continuing to the downside. Once we see a weekly candle closure below 2400 I believe we will trade much lower to 2100 and ultimately the 1500 region from 2000/2008.
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Current wave structure
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Monthly H&S pattern. A short term rally to 2600-2700 would form the right should and a closure below 2400 would confirm this pattern.