The correction in the Qs appears to be drawing to its conclusion. While lower prices are possible, the main element in the decline is a wave b triangle that would indicate that the decline is not impulsive. Once this wave [ii] correction is over stock markets should embark on the strongest move higher since the March low.
The SP500 broke support at 1320. A weak close today may lead to further decline into strong support around 1300. However, there is fib support at 1305 which may be prove to end the correction.