As far as the market's wave count, it hasn't worked out in any definitive direction one way or the other. We don't have a complete impulse down from the top, but neither do we have a good corrective count suggesting a higher high above 1474 is coming either. The market needs more time to work out a better long term count.
Yet the SPX candles shows the situation. Clearly we are still in the lower trading range created by the last 2 big up candles in the move toward 1474 over a month ago. We are at "QE3" day resistance.
If the market can break back above QE3 Day resistance, and hold as support again, a move toward new highs above 1474 is on the table. If not, I expect lower lows under 1400 are coming.