Trying to analyse what could draw SP500 down I look at individual stocks that make the most of SP500. Having looked at AMZN, MSFT, AAPL, CMCSA (the last one is not as large but has a very clear wave structure) I guess the most vulnerable so far is FB. While the rest of the tech sector seems to be in a sideways correction Facebook chart suggests that a more radical drop is ahead.
With the recent failure of Libra and noise about all the scam on FB pages and the effort to moderate it + FB having to advertise itself, I guess the future is very bleak for this giant.