There are still many possible counts. I have a lot of them on my 15 minute chart. Take your pick. The good thing is that no matter what structure the market is tracing, the near near term possibilities should be similar no matter what the count.
Overall, my primary count is that the market is seeking a second Intermediate red (X) wave low. The form that the Intermediate (X) wave has yet to be determined but so far the best interpretation is that it is a "double three". The first part of the double three was a simple 5-3-5 [a][b][c] decline from 956 to 888. The interconnecting Minor blue X wave peaked at 931 and was a complex pattern. The form doesn't much matter at this point of the X wave. However the complex nature of the Minor blue X wave suggests that perhaps a simple pattern will now emerge for the Y wave. Alternation between simple and complex patterns.
The last part of the decline is starting to trace out now. What form the last Minor blue Y will take is unclear because we don't have enough pieces of the puzzle just yet. The door is still open and I don't think the market is even sure what it will do. Of course the "structure" of the Y wave will determine the price low.
On the squiggle level, quite the unusual wave down from recent 931 peak. Its almost "contrived" and the market was in a hurry to form a massive head and shoulders in the market which everyone can now see. What does that mean? It means everyone has likely taken their positions and that it will NOT follow through with its down target. But ironically, sometimes the contrarian position is that it WILL follow through. So I am agnostic overall. (gee that was a lot of help huh?)
One subwave at a time. The SPX hasn't quite connected its neckline (the DOW pretty much has) so Monday may bring some more early decline for the SPX. We'll see where the market opens. Then I'm looking for a backtest of 912 resistance or so in a retrace move.
One subwave at a time for now.