No confident setup yet

The market floundered around today, slightly undercutting yesterday's low before turning back up into the close. This action has still not provided us with any confident setup pointing immediately higher, despite the blue ending diagonal count remaining valid still.

If the blue count is going to play out from here, then price needs to get back above 2288 SPX as wave (A) of circle 5 before consolidating in a (B)-wave. Otherwise, I am worried that today's low was a b-wave of an expanded flat wave (4) in the red count, and price will fail around 2280 SPX again and turn back down to a new local low as red wave (5) afterward.

$SPX - Micro - Jan-31 1330 PM (30 min)
$SPX - Micro - Jan-31 1330 PM (30 min)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.