S&P 500 likely correcting in a WXY pattern

S&P appears to be in a WXY correction in wave b (or 2) and could move sideways while the Covid-19 situation in the US peaks/resolves. It is facing resistance from the monthly support line (purple) and is most likely to come down to 61.8% fib level before moving up either in wave C or 3.

PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.