SPX - 1 Day Chart shows continued short term decline

I was reluctant to call the peak at 4,620 the end of the third wave (III) as it only achieved a fib count of 1.236. But as the ensuing drop continued (e.g. the drop we're currently in the midst of), this may very well have been the case, meaning we are in a IV wave of a higher degree than I originally anticipated. If this is the case, we can expect the IV wave to conclude at or about 4,070. The will give the overall (aqua color) B wave that we are in, a distinctive three move pattern that is the hallmark of all B waves, and if A=C of this B wave, then the top would occur at 5,135 before its unkind drop off of the chart.