S&P 500 - Wave (3) of (iii) of iii is under way

The correction from 1,011.50 broke the upper part of my target-area slightly, but that didn't change anything. Wave (ii) peaked at 1,042.27 and was followed by a impulsive looking decline.
A break below 1,016.21 will confirm that wave (3) of (iii) of iii is under way. This is where panic and capitulation could/should be seen.

Only a break above 1,033.40 would delay the next move lower, while a break above 1,037.43 will frustrate the count calling for a more complex correction towards 1,048 before down hard.