Time to go Home for 4 Months Runaway Trend

The price for S&P has been fluctuated between upper and lower parallel upward channel for four months, which could complete a cycle period for profit taking. However, this channel has been broken significantly last week where the Daily price closed below the channel, which could be adding more sellers in anticipation of the breakout. S&P has made a Head and Shoulder pattern on the top of the uptrend channel and subsequently the price has dropped significantly, retraced for a while and rejected Fibonacci level 1.618 and resume the prevailing new downtrend. I am anticipating the price could drop lower to at least 3180.