Update

Updated chart of the SPXEW - there were comments that it creates only confusion. No, the opposite - we see more clarity because SP500 is heavily skewed by a few mega tech stocks. On the equaly wighted index you can see clearly the pattern and the cycles - strong a-wave, the long sideways correction b-wave and the weak completition the c-wave.... with all the 20w/40w cycle highs and lows right on schedule.

This one was posted on 6th of December as possible pattern - c-wave

Eight weeks later it looks like this is the pattern. The cycle lines are pointing to the second week of February - if the 4-th wave is a triangle or flat probaby it will take a few weeks and reach the time target, if 4 is completed next week we will see the final move c/5/C.
Worst case it is done... SP500 already completed zig-zag higher.

Update

From the last high this is month 14 so we have the minimum length for 18 month high and this is 4 years after the previous important top. It is done or it could take a few more weeks.... I do not know.

The most simple view - wedge pattern which is an ending pattern, the price broke lower, gap closed, testing the broken trend line and now it is lower.

Or it could take a few more weeks to complete the c-wave with some bigger wedge or what ever it is.