lot of people are speculating about a significant crash in S&P 500, however looking from Elliot wave perspective. given the 3 wave structure of all the corrective waves suggests that it is forming a very complex and unusual pattern of a expanding triangle. it might not be the right time to short just yet, from the pattern analysis it is very likely to break the high of traingle wave B - 2940 ,forming a wave D, at the end of wave D when everyone just turns bullish about the index since it broke the high and strong resistance, a new wave E [( 5-3-5) 3 wave structure] will form which will break the low (starting point ) of D and continue downward, wave E will be a disaster, capturing almost 800 - 900 points of downfall.