A labored move off of 869 low. I have it labeled as a wave (i) up. Is it just an ABC correction of some kind? I won't argue too very hard against it. There are a few interpretations.
One thing that seems certain is that there was some kind of ending diagonal. The bullish count is that it was a wave v of (i) up. The bearish count is the ending diagonal is a wave c of (ii). The interim bearish count is that the ending diagonal was indeed a wave 5 of a 5-3-5 zizgag corrective and there will be more upside to backtest the H&S neckline at 894-895. So in that instance it would be wave (a) of [ii] or (ii). There are other counts to be sure.
If of course the market starts heavy impulsing big volume down smashing through 878 support in big fear moves, and then taking out 869 with conviction, then, well, I suspect the H&S will indeed look for its proper target to the 820's through next week.
The key deal for today was the SPX to finish above its 200DMA (it did barely) and also 878 major support (it did). Now the bulls have a LOAD of work cut out for them. The market is in a precarious position and so far the bounce is of the dead cat variety I must admit.
P2 needs upside surprise. Big time. Like William said in comments last night, the market has about a 10% chance, technically, of maintaining support and moving up to a new P2 peak eventually.
So the cards are stacked heavily in favor of the bears technically right now, I won't try and kid anyone including myself. Even the waves can be shown to be on the bears' side. All it takes is a few more impulse patterns down and a larger EW impulse structure will emerge.