1) Ascending structure is complete, confirmed by labelling and divergences
2) Descending structure has started, with the first impulse down already in place. Significant movement is expected (retrace of the whole wave 5 to 118.5).
3) An impulse is followed by a correction, which lasts substantially more than the impulse itself, thus confirming a loss of ascending momentum. Confirmed by structure ( 3-wave , pullback to prev. resistance and rejection)
4) Previous swing-low of 124.08 has been bettered by the descending structure, last decisively broken
5) Correlation with other instruments: SPX is completing its last upswing, unlikely to shoot significantly higher
So, opening a short right now, SL above 124.5, 2-3% risk would make sense. The target should be 118.5 or lower.