Bear Market Second Wave Down?

The current market seems to be on the same trajectory of the past five bear markets. Those markets started a first wave down of 17-20% followed by a bear market rally to the 200-day moving average, a failure of that level, followed by one or more additional waves down.

So where could this end up? The attached weekly NASDAQ chart shows the 2007 and 2011 market tops. Depicted on each top are nested Head and Shoulders patterns. The larger pattern shoulders are marked "Left" and "Right". I drew necklines on each larger pattern and show a bottoming price target by the simple projection of a price low that is equally distant below the neckline at the head is above the neckline. You can see that the 2007 top projection was broken by about 100 points but the price projection region demonstrated support. The current market top projection is 1552, a 46% overall decline. H&S patterns can demonstrate time-wise symetry. The 2007 top spent as much time from the Left shoulder peak to the top as it spent from the peak to the ultimate bottom. A similar time projection of the current market places a low in the May-June timeframe next year. I drew a red line on the chart illustrating a possible future move. The market doesn't care what I think or draw on a chart of course so it will unfold in its own way.



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I've been projecting another March-April low, but May-June isn't that much different.

Couldn't you just as easily look at this chart and postulate a massive INVERSE head and shoulders pattern?