Clearly, Friday’s low is holding thus far. And, as I wrote in the weekend update, that is the key to a direct move to 4800SPX in the yellow wave count.
As I write this, the market seems to be attempting to complete 5-waves up off that Friday low. But, we will need a higher high over today’s high for a 5th wave in that structure, which would be labeled as yellow wave  of wave [iii]. Should we complete a 5th wave higher and then see a corrective pullback thereafter (yellow wave ), you can choose to enter a long trade with stops at Friday’s low if you are a bit more aggressive.
But, as I have noted several times already, I want to see the market break out through the 4479-90SPX region to make it much more likely we will be attempting a direct path to the 4800SPX as outlined in yellow. Keep in mind that even if we do see such a break out, we may still see a pullback to the 4400SPX as outlined on the 5-minute SPX chart.
For now, I still remain cautiously optimistic. But, we have our parameters, as outlined over the weekend.