SPY / SPX short. Are we in corrective C wave? Or larger A wave?

Some possibilities I'm preparing for:

We finish wave 5 in the wave C down. Then we bounce from there into a wave 1 up.

Or this whole down move is part of a larger A wave down, which means there's a lot more left to fall.

I'm kind of thinking the latter, but time will tell.
Either way, I'm expecting lots of volatile moves up and down, so I'm managing my positions very closely. Lots of risk but lots opportunity! Good luck everyone.