Looks like we are currently moving down in the third Elliott wave. We have completed four sub-waves of this third wave and are likely to complete the fifth one after a leg up and a leg down. We are likely to move up in the fourth corrective wave after the completion of the third wave before moving down in the 5th of the fifth wave.
Alternative count: It is possible that the third wave shown on the chart is actually wave C. Regardless, S&P will move up after the completion of this wave but it will then start a new first wave.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.