The first leg seems to be finally broken and bouncing into the horizontal support line to create the famous head.
After finishing with the head, we see how it attempted to go up and it stopped right after hitting the last resistance line of the leg, creating the famous pull back.
When we see an incoming bearish leg, we have to see how the first downtrend is formed, and we can see on the green lines how they coincide symmetrically with the resistance line it just broke and the support of the head. Both green lines are cloned.
This is a typical story of a shift to downtrend wave, however, we still must be careful, since S&P500 has been a wild bull.
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Wolf
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Also, the pullback trend line just broke, so it looks like we can have a short opportunity here: