The current SPX500 structure suggests that the cycle degree impulse wave is now completed on a fresh high. The bullish wave consists of primary sub-waves ①-②-③-④-⑤.
With the conclusion of intermediate wave (5) near 3383 we presume that the most recent bearish move is part of a correction.
At this point, it is difficult to identify whether this decline is going to form an impulsive or a corrective pattern. However, we can point at 3305.4 support as a potential stop. This is where intermediate wave (4) corrected down on February 3.
Keeping in mind that the (3) wave structure seen above does not respect the guideline of alternation, it makes sense to suggest an alternative scenario, according to which the impulse is not completed.
If this hypothesis is correct, then the alternation is respected as minor wave 2 is a sharp correction, whereas minor wave 4 is a somewhat sideways (or better elongated in this case) correction.
With intermediate wave (3) recently completed, the (4) correction could head down towards 3327. At that level, wave (4) will be at the 38.2% of the minor Fibonacci impulse.
The scenario hints to the last upside leg as part of wave (5). A potential target for wave (5) is the 3383 level, which is a duplication of impulse wave (3).