It sure doesn't look good at the moment but notice how SPX has rebounded from the lower on a monthly chart in the first leg down, all the way up to MA20 on a monthly time frame.
Time will tell, one thing is sure though and this will be interesting to follow and trade. Be patient with the entries, remember to use stop/loss orders!
I'm sorry but Elliott Wave's are not my thing. However, on the monthly time frame, this year's price action somewhat reminds of a rounded top. BUT the volatility in price movements have been quite moderate this year, not really yelling start of bear market. It is though too early to say, I would like to have a confirmation form of more volatility, testing atleast lower Bollinger on monthly time frame and another re-test of MA20 on the same time frame. If MA20 (SPX ~2000) test fails to break upwards, well that is what I'm going to look closer at (note how MA20 test has been made in previous bear markets and failed).