S&P 500 | Update

An update on SPX and the trading plan:

• In my last analysis, it was expected that there was a high probability that price would rally back up to ~4200, which was the last broken structure, S/R and also a high area of volume.
  This has since been fulfilled.
  

- At 4200 we saw very strong selling which has since broken prev. support and created new lows.

So the question is now, 'What happens next, and what is the likely end product?'
I believe that prices will end up retesting the highs of Feb 2020, simply because thats where the most trading has taken place in the past 2 years and price tends to gravitate to areas of value.
However, more short term from a technical view, I think since we've created new lows, I expect price to retest broken support as resistance & then we continue to see more selling pressure.
Trying to go long *and stay long* against this current downward momentum makes literally no sense.

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Short Term Trade Plan

Due to the price inefficiencies seen in this recent down move, I expect price to recover a bit.
In the image below, price has now tested the -27% fib extension along with the retest of a broken trendline - which will all serve as some support.

I am unsure about where exactly this relief rally will go to, however, it would be ideal to add shorts as price rips - given our end goal for the complete move is much, much lower.

NFA, let me know your thoughts.
Previous analysis below.

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Zoom in on potential Bullish bias - always look at the opposite side of your trade.