Cramer Thinks S&P 500 Could Go 28 – 35% Lower

Via Carolyn Broden’s (aka Fibonacci Queen,…I know, right?) “mathematical analysis,” which these days consists little more of clicking the appropriate preset technical indicator on an interactive stock chart, Jim Cramer thinks the S&P 500 potentially has much further to fall.

Projecting the levels from the peak in May 2015, Boroden thinks that the S&P could get hammered down to 1,350, or even as far as 1,225.

“In other words, if we don’t hold above the current floor of support, Boroden is not ruling out a massive correction that could take us 28 percent or even 35 percent lower,” Cramer said.