S&P further weakness in-store

SPY 15min chart with Composite index on bottom. Chart pattern according to Elliot and technical indicators lead to further short term losses. I have labeled the most likely initial S&P target for support..at which point we will be able to determine whether a bounce is in store or the market will break down further. The market is very overbought but the S&P SHOULD hit 3400 before a major correction is in store.


SPX