How far can the S&P 500 realistically drop from here? Or is the bottom already in?

Hey everyone, looking for some perspective from more experienced investors.

I’m a pretty basic long-term investor (mostly index funds / S&P 500), and I’m trying to figure out my entry strategy right now.

With everything going on globally (wars, macro uncertainty, etc.), I feel like markets should have more downside, but at the same time the S&P hasn’t really dropped as much as I expected. It almost feels like the full impact hasn’t hit yet, or maybe I’m overthinking it.

So I’m stuck between:

• Starting to enter now (DCA)

• Waiting for a bigger correction

• Or accepting that the bottom might already be in

For those of you with more experience:

• How much further downside is realistically possible?

• What signals do you look for before entering?

• Is trying to time this even worth it, or should I just start averaging in?

Appreciate any insights.