Chart on S&P 500 (5-min): Current Rally Seems Corrective

From a micro structure, it does not look like the decline is done yet.  The current rally seems corrective.  That does not mean we automatically get a lower low from here, as the corrective structure can take more time and go a bit higher.  But, there is nothing to suggest YET that any bottom has been struck yet.  I still need an impulsive structure through 2915SPX to begin pointing to higher highs.

5min-zoomSPX
5min-zoomSPX
Avi Gilburt is founder of ElliottWaveTrader.net.