Elliott Wave Principle - SPX - B wave completing, downside ahead

We are currently in an ABC correction from an impulse wave from the March lows of 2200 to the high 3200s. The B wave is completing, which may go a tad bit higher, although it can retrace Wave V. Expect lots of downside with the C wave that is trad able under the Elliott Wave Principle.

Since the impulse is likely Wave I and the ABC correction is Wave II, then I would expect it to retrace to the .618 fib, but it can technically trace 100% of Wave I.

Good luck and happy trading!