Using the Wilshire 5000 for form but consider the SPX to be identical count:
Some of the discussion I got into last night on the last update was about how the first subwave one of a wave three seeks to advance prices below the previous larger degree wave one. This is a principle that works on all degree of wave structures.
For example if this is Primary wave  down of cycle wave c, then the first subwave of P would be Intermediate (1). Therefore (1) of P should try and advance prices below that of the larger degree P down which ended at 666 SPX.
This principle should also work well with the first subwave Minute [i] of Minor 3 of Intermediate (1). Therefore, Minute [i], in theory, will try and advance prices below that of the previous Minor 1 which was 1074 SPX. If we can extrapolate backwards, we can conclude that the market may be in sub-minuette (i) of Minute [i] of Minor 3.
This SPX hourly chart shows this projection:
DJIA squiggles. Will we have a typical head and shoulders pattern?