[Update 4:50PM: Fibonacci chart. Any breakout to new highs will be attracted to these numbers: 1352 SPX, 14350 for the Wilshire5000.
Using the total market Wilshire5000 sums up some primary and alternate counts.
Primary count is down.But this implies the wave (ii) (or wave [ii] if you prefer that degree) must be over. In other words, there can be no more delay in the power of wave three down.
A close alternate count has the market tracing a triangle which is more apparent on the e-mini futures than the cash index.
The secondary alt:[b] represents a more protracted triangle that needs to develop. If this is a Minor sized triangle (or double three combo) than it certainly can have more time to develop. The main theme here is that 1294 stays intact as a continued sideways move develops.