S&P 500 looks ready to retrace

Elliot wave is reaching a cycle end, which coincides with a broader megaphone pattern. A new high, 304 or higher, for the SPY followed by a retracement. Given that an oil price spike would put pressure on the overall economy and that any major increases in the price of gas would impact consumer spending adding to recession concerns. A deep decline could emerge. This is my first post so any constructive feedback is welcome.