SPY heading to 308 then new high before the election?

SPY seems like is heading to the 308 level (7% down from now), where is a combination of a fib level and a Gann line. Highly possible rebound to the ATH after that to form a double-top before the election-day, or maybe keep bearish to 265 level then nobody can save it, even the Fed.
What to call it then? Correction? Selloff?