S&P 500 - Evergrande the pin that popped the bubble?

We all know that the markets has been in a bubble for a while, but the questions has always been what the pin would be. Could the Evergrande be that pin? The idea of a 2008 crash like crash in China clearly has the market spooked on top of COVID, inflation, and Fed tapering. This timing also perfectly coincides with the S&P touching off the top of its 2009 trading channel. Major support is almost 15% lower from recent highs in the 3800-4000 range.

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4h