Could S&P go down to 200?

It appears that S&P500 has completed five waves. It could go down to 207, the 38% retracement level of the Elliott wave started in 2009. A 61.8% retracement could take S&P500 down to 154 (see weekly and daily charts below).

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Weekly chart:

Daily chart:

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Sorry, I meant SPY, not S&P500!
And, of course, 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.

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Wave (1) likely completed. SPY could go up in wave (2) now.