The real bottom for the SP500 was in February not in January. This makes a huge difference in where I count from. We are only less than 100 points away from breaking a new record bull market high, so a diagonal 4th wave correction would fit very well. Except right now this 4th wave may contain an expanded pattern which can produce sharp declines followed by another wild bullish leg up.
If we are correct, then we should only get a limited downside move before it cranks up again. This correction may take us to the 2020 or 2010 price level. Chances are also high that it would take the rest of April for any 4th wave to play out as it would be extremely lucky if the SP500 plunged straight down soon.