S & P 500: Mirrors early 2008. Will see a lower low in next two weeks, probably a 20% rally till end of the year

In 1st Q 2008, S & P 500 broke its 50 week moving average, tested the 200 week MA and range traded for 8-9 weeks and made a lower low before retracing 50% of the top to bottom move back to the 50 week moving average again. It was a decent 20% rally before we saw market tanked in 3Q 2008 to early 2009.

Right now, we have broken the 50 week MA and tested the 200 week MA. We have range traded for good 7 weeks. I suspect a lower low of 1040 will be made and then we may have a decent 20% rally till end of the year and upside is about 1250 (around current 50 week MA).