S&P 500 - More downside to come

The ideal target zone for wave 4 between 1,170 and 1,176 contained the correction (wave 4) for the last leg down in wave 1 down. As wave 4 broke outside the wave 1-3 channel we should expect a break outside the wave 2-4 channel too, that means that the ideal red box I have drawn near 1,030 should be broken to the downside too.

Takeing a closer look at wave 1 of 5 down, I do think a small triangle is forming af wave iv calling for a decline closer to 1,100 before wave 2 of 5 begins.