Looks like (b) could be over. In a flat scenario, we are looking for prices to move back down toward the (a) price low. Thats 1215 SPX on the cash index,
Of course in the alternate wave (iii) scenario, prices should go much lower than that.
In either case, we are looking at some considerable selling. If and when prices get much lower, we'll evaluate to see if its a wave (iii) or not.
And as you can see, the move from the early November low is not impulsive up at all.