A few weeks ago I highlighted a pattern of behaviour which may be occurring on the weekly SP500 which appeared similar to price action which had occurred a number of times in recent years. (That post can be seen here as part of a larger posting). So far it seems to be playing out in a very similar way. The chart shows this (You may need to click on the chart to see the wording more clearly).
As usual I always offer the caveat that forecasting anything in the financial markets is fraught with danger, and there are no guarantees that current price action will repeat or resemble previous action, also that any number of possible other scenarios could be unfolding, particularly in light of last weeks large 'Bearish Engulfing Weekly candle'.