S&P 500 short - Fibonacci Retracement w/ rising wedge

I'm seeing a retracement at .618 on S&P correlating with the exiting of a rising wedge taking the stock down in a sharp projected 266 point drop.

I'm new to technical analysis and trading, so I'm hoping to get some feedback on my work. This isn't advice to trade on. It's live practice for me.
Please share any feedback you have - good, bad, or ugly.
The time to learn is now. F unemployment.
Thanks.

Fed just released second stimulus, and the jobless claim just released higher than expected almost simultaneously. So, technical aside, I can see this pattern forming where stocks take a jump, go down over the weekend, jump again on some more manufactured optimism, and then take a sharper decline when we remember that nobody has a job and nobody is making any money.