On the technical side, notice the failure to attain a new high. In fact SPY has consistently been unable to break new highs going back to May 2015, when the bear market truly began. Further, note the pattern forming, Heikin Ashi candles with longer wicks to the downside, and somewhat strong resistance from above via the Ichi Moku Cloud.
Recommendations for a short trade: wait for the price to decisively break the neckline with a strong bar. The next fibonacci level serves as a decent profit target at about $200. Note that there is a relative vacuum between the hypothesized entry point and this value, aside from one level of support indicated by the dashed red line. For a stop loss, consider the apex of the right shoulder.