So one has to conclude that further price decline for Minute [iv] has to occur so that the SPX overlaps within the previous price range of (iv) of [iii]. This range is 1340.03 to 1378.04. Ideally if this is Miniute [iv], prices will hold considerably (or marginally at the least) above the previous pivot of 1340.03.
This implies the "pullback" price range for Minute [iv] optimally would be 1355-1360 SPX.
In terms of SPY there are several large gaps down (and unclosed gaps up)
The Wilshire reflects the larger picture.