The has been an important reversal area in the past corrections.. see my older posts, so we can assume that it can act as a solid support in this downfall too. Not only that we have a number of other fib confluences near that level (see chart) so that could add some extra cushions to support the markets.
For investors and traders the value zone represented in the chart may be an important belt to pump money into the markets.
Hope this analysis would help investors and traders in prudent decision making.
All the best and thanks for sharing.