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SPX S&P500 Zig-Zag pattern

After the Santa Rally, the S&P 500 index dropped to the May 2021 support:

Now i see a Zig-Zag chart pattern than could drop to 4100 area after the rally, once interest rates will go higher, just to end the year bullish, with an upside of 9-10% for 2022.

S&P 500 Index has a P/E ratio of 25.96, lower in comparison with last year`s price per earnings on the same date, 40.93, but still higher than the estimates, 19.72.

Looking forward to read your opinion about it.

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