SPX pull back UPDATE and caution: "B ware wave B" (bull trap)

Follow up to my initial Retrace Plot before new Highs (click).

We all knew a correction was overdue, and then came CaronaVirus.
It has wreaked havoc on China's economic machine in a lasting manner.
Every day the news changes, and generally for the worse as we know.

At first the MM played it as if "Business as Usual", brushing off the news.
They even pushed to all new highs to say "See, all is well", DONT you sell!
Then WHOOSH, the rug gets pulled, leaving many "bag holders" near ATH.

Dont get me wrong, I am not a "Prepper" calling for a global catastrophe.
BUT that possibility exists, and the risk-sentiment has not priced that in.
So now we get to see the sentiment developing as more news comes out.

Per my last plot, new Highs are likely after a correction.
The only question is HOW DEEP will this correction go?
Thus my plot to start gauging the move's Momentum.

After such a violent move, we can expect a bounce.
Thus the "Wave B bull trap" which might be in play.
Height of the bounce will help gauge wave C's target.

It is POSSIBLE that dip is done we go along are merry way.
It is more LIKELY that we will see another leg downward.
It is PLAUSIBLE for this event to kick off a recession (gulp),

My last analysis plotting the pullback in rough terms