SQ high at start question

[njxrinzler]

So I started my first 6 gallon batch. I followed the recipe for welch white grape peach. Multiplied everything by 6 except I added one can of concentrate per gallon to the recipe and cut the acid blend in half. So this is what I did:

18 cans welch white grape peach
7 1/2 lbs granulated sugar
6 tsp acid blend
6 tsp pectic enzyme
6 tsp yeast nutrient
Water to make 6 gallons
1 packet Lalvin K1-V1116 yeast

First batch ever. Started it on Monday, May 27 in an 8 gallon bucket, with an initial SG of 1.120, which I know is too high. I didn't take into account the added sugar from the +1 cans of concentrate per gallon so I added too much granulated sugar. Pitched the yeast 12 hours later. Checked this morning, Wednesday, May 29, and she's bubbling like crazy. My girlfriend and I like sweet wine and don't mind if it is high alcohol but don't want it to be too high alcohol content or sweet rocketfuel either. A few questions: Am I screwed since I started with too much sugar? When should I rack and transfer to secondary 6 gallon carboy, when SG gets to 1.0? Should I stop the fermentation early as to not have too high of an alcohol content and how do I go about doing so or should I just let it go the way it is and dilute/sweeten later on in the process so it won't be as strong.

Thanks in advance everyone. I look forward to being part of the community.

 

[DoctorCAD]

You really can't stop an active fermentation, just let it go until it stops and back sweeten it.

Rack at around 1.01 or so.