Primary count is some kind of Minute [iv] is playing out. How deep the correction and what form it takes depends on what the true subwave Minute [iii] count is. Each index can be counted a couple of ways.
We have 2 huge gaps on the SPX. If subwave (iii) of [iii] is at where I have marked (i) at 1319.74, then Minute [iv]'s price should overlap down to at least SPX 1319 and fully cover both gaps before heading higher in Minute [v] of Minor 5.
The other possibility is that Minute [iv]'s price stays above 1325 SPX in a longer sideways move such as in a triangle.