$VOO $SPY S&P500 Potential Running Flat Wave 2

I've been seeing many bear charts lately but many of the large-cap stocks that make up the S&P500 have already made big corrections in the previous Wave 4 of a higher degree back in December. It's true that the Wave 4 correction in the SPY was fairly shallow, but 0.236 - 0.386 are still high probability areas.

Many of the bear counts for the S&P are valid EW counts but until price action changes, I believe this current explanation has a higher probability of playing out.