Technical reasoning Elliot completed the cycle, from 0-5 and A-B-C. It Failed to move higher than 5, last high of the complete Elliot cycle. RS1 acted as the trendline, (5) was a false breakout.
Fundamental risks
Housing risk - In March 2021, government-mandated forbearance periods for millions of mortgages will end. No further assistance is proposed as of now.
Biden (?) - We may possibly see sell-off if Biden gets elected, to avoid higher capital gain taxes that will drive the market further down, fast. He proposed a ridiculous rate hike on the capital gain taxes According to his new proposal. Please see link below for more info.