Three Wave Drive Short to Long Transition

SP:SPX   S&P 500 Index
165 1 0
This trade needs little explanation, corrections so far have failed at the 61.8 fib retracements; the second, was achieved today, and as such, I am short from the closing price. A breach above the 0.786 level will signify a failure of the price structure and invalidate this trade.

Targets are located between the 1.27 and 1.618 fib retracements. The previous decline shows what we can hope to expect. Technically this pattern is more consistently traded from the 1.27/1.618 region, however I have chosen to piggy back this wave down seeing as the upside risk is limited for this index.
Price is showing hesitation to break the 1600 level.
Should price fail to break through 1600 next week I will look to reassess and potentially close the trade.
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