Bull Count. SPX must get above the previous breakdown resistance of 1388-1391, hold as support, then move higher. Jury is out.
Bear Count. Just a big fancy wave (ii) flat. A big, circuitous consolidation for a huge move to the downside. Well, thats a possibility anyways. If the market cannot regain resistance, then I don't see why not. They will run out of dip buyers. But, the market has to break support to be a wave (iii) down.
At least in the bears' favor is that the only time bigger volume seems to come into the market is when there are decisive downside moves.
And the SPX again could not quite close over the 1388-1391 level. It closed at 1390.72. Yes again, we quibble.