1. If this is wave (iv) of [i] down, then today's peak would be marked (iv) and the market must immediately go down toward a lower low.
2. If this is Minute [ii] corrective up, then expect a higher retrace (perhaps 62% or greater) before turning down hard in wave [iii] down.
3. The last option (shown on the 2 hour chart) is that Minute [iv] price low of Minor five UP occurred yesterday and the market will make new all time highs in a final wave [v] of 5 up.
The 2 hour chart shows the Intermediate lower channel line was indeed the spot for a bounce. The market has now painted this a likely important support line. If it breaks, serious panic selling might occur. If it holds, the market may make new highs as shown in the bullish ALT count. Price action over the next few days is critical in my opinion.
Currently at this moment, the e-minis looks like a bearish impulse wave pattern down. Despite today's impressive relief rally, as viewed in the e-minis, it puts things in perspective. In other words the bulls have expended a lot of energy recently trying to hold major support. Yet they still have a lot of work cut out to repair the technical damage. Advantage: Bears.