The wave structure since the recent 1333 SPX price high to today's low counts best as a 3 wave structure for now and that makes it a corrective structure. This fits into the idea of a wave iv of (c) of [y] of Minor 2.
On the Wilshire 5000, the "virgin wave space" is still not breached. It would be preferable - if this is wave iv - for this space to remain unscathed by any further price retrace. Therefore, again - if this is wave iv - then today's low was likely the price low of the wave iv.
Some updated Fib targets for the SPX wave v price peak based on today's price low.
If wave v = .618 x wave i = 1351 SPX.
Since wave v should finish higher in price than wave iii (1333 SPX), then our updated wave v target range is 1334 - 1351 SPX.
The best bearish case is that a series of "ones and twos" has traced out and tomorrow/Wednesday will see a breakaway down hard beneath 1300 SPX support in a "third of a third" wave down. In other words, if it happens, you'll know it when you see it. This is the best bearish alternate count at the moment.
Wilshire hourly chart shows a very neat trendline created at the last price peak: