S&P confirmed new down channel? Still Bear market?

What I see is that the S&P has confirmed a new down channel (red) with Thursday's (2/2) peak after it broke out of the orange down channel made from the tops in March and August 2022. This new red channel is created with the two lows from June and October 2022 and the price action from May 21. If this holds, then bear market is still intact and price will fall. I would expect a test of the December lows and if not the October lows.

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Not a great start to Friday morning.