The market came back quite amazingly yesterday after that strong drop. And, as I write this, we are finally striking the 3063SPX target for wave . So, of course, the question is if we will turn down from this region?
The structure developed with yesterday’s pullback and rally has certainly opened the door to a direct move to the 3200SPX region, as presented by the green alternative in the SPX (which was the yellow count yesterday). As you can see, I have added an alt 1-2 in green to the 5-minute SPX chart which would take us more directly towards the 3200SPX region. However, this 3065-80SPX region is standing in our way.
So, now that we have finally struck the ideal target for wave  in blue, I am not going to give the market much more room in this structure to prove to us that a larger wave  pullback will be seen over the coming weeks. If we break out through the top of the resistance boxes noted on the 5-minute charts, then it would strongly suggest that we are heading to the 3200 region sooner rather than later, and the market is trying to complete a leading diagonal off the March lows.
However, if we turn down strongly below 3028ES, we have an initial indication that wave  has potentially topped, with it being more likely if we follow through below yesterday’s low. And, I don’t think the market is going to take too much longer in providing us with an answer.