Still looking for the initial stages of a pullback

The market started off initially lower today, breaking below the two levels of signal support cited at 2179.50 SPX and 2172 SPX in order to suggest a local top in place as wave i of 3 under the blue count. Price has since staged a decent bounce off of the low this morning, but so far as only 3 waves into the .618 retrace of the move down off of the high. This suggests that the bounce was corrective, likely as only a b-wave within wave (a) of ii under the blue count. A move back below 2172.50 SPX from here would confirm this, and suggest that price is starting the c-wave of blue (a) back down near the August low.

Otherwise, if price continues to climb above the next resistance from here at 2188.50 SPX, and then takes out Monday's high, I would be forced to consider the more immediately bullish red count more seriously, where we have a potential i-ii (i)-(ii) i-ii setup off the June low and are already heading higher in wave iii of 3.

$SPX - Intraday - Aug-17 1404 PM (15 min)
$SPX - Intraday - Aug-17 1404 PM (15 min)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.