S&P500 - potential for 1 more leg down

Until 1 month ago, most of Elliott Wave analysis I saw suggested S&P500 was still on bullish trend.
However, with breach of key levels which I thought could work as support and the sharpness of the downward move, my view has to be changed.

Here is my current view as of today.

(1) The bullish trend since Dec 2018 has ended.

With the current downside move, the price clearly breached the top of wave 1 ($2960).
In Elliot wave theory, there is a possibility that this could be still a bullish diagonal formation, but now I think the possibility of that is low because of the wave characteristics:
  - the sharpness of the downside move
  - even after the sudden Fed rate cut, the upswing was very weak, and pulled back fast. Also this upswing looks like a ABC formation, which is bearish (see hourly chart below).

[Daily chart]

[Hourly chart]

(2) Now the price is forming wave C - another leg down

The sharp downside move to around $2850 level was a bit surprise. I was expecting a sharp pull back, but this did not happen even after Fed rate cut. Like said before, this upswing looks like a ABC formation, and Wave B could have ended already. If this is the case, the current down move is forming wave C.

How far could it go down?
Nobody knows, but assuming this is zig zag down and wave C travels the same distance as wave A, it could go down to $2600 level. If it travels x1.618, it could reach $2260.

With current volatility, anything could happen, but this is my current base scenario. Is this a buying opportunity? Clearly NO, to me. At least not yet.

(3) Currently forming wave 1 of wave C

Going down to 15min chart, it looks like the price formed a irregular flat as wave 4 (of wave 1 of wave C, sorry that this is complicated) and the market closed on Friday. If this is correct, there could be further downside in the beginning of the week.

Once the wave 1 of wave C has completed, then price could bounce back on the short-term as wave 2 of wave C.

[15 min chart]

To me, Elliot wave is a scenario planning tool. The price may not behave as you expect, but you can be prepared for what may happen. We have to keep updating our views as the price behavior unfolds. Let's have a good ride!