Clear Elliot Wave on SPY S&P500

We have now completed the first wave of the five wave sequence.

We are now in the second wave down trend, look to the fib for this price range to start the third wave.

Two options at play here:

We have found the bottom and this completed first wave is the start of a new cycle.
or
We are still in a correction, and the five completed elliot waves was the B, with the first downturn the A, and now the C.

I believe its the first option, spread your set limits around the 0.32 - 0.618.

Cheers!