SPY A Little More Downside Left

From 104.29 to 111, the 38.2% retracement level is at 108.4 and I'm expecting SPY to drop that low before holding and bouncing to retest the downtrend line (B). I'm looking to dig into a big long position today or tomorrow because I expect SPY to breakthrough trendline B on the next attempt.

There is the possibility that SPY drops farther than the 38.2% retracement level and in this event I expect SPY to find support at trendline A and I expect trendline A to hold.

Finally SPY may rally out of the gate today but it is gapping up ~20 cents and I expect the gap to be filled so I wouldn't chase at the open.