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On the trading day of 29/04/2016 SP 500 shown bearish trend as per expectation & retraced exactly till 2052 which 200% fibo level of our grid marked on the charts which also coincides with 161% fall of wave 3. As per Elliott wave 161% fall can be normal or extended.
I am assuming here wave 2 retraced 61% of wave 1 & so I am assuming wave 4 will retrace 38% as wave alteration rule so which is already retrace 38% placed at 2070. So if it is 5 wave structure then fall should resume.
So if this proves out to be 5 wave impulsive structure then we can expect another fall as a wave 5 till levels of 38%(2046), 61% (2033), 71%(2027) & 100% (2010).
Again 2nd possibility is that it will be 3 wave structure. Then it is likely that total fall from 2111 to 2052, will be retraced 61% to 88.7%. Level are shown on the chart 2088 to 2104.