Wilshire shows it best. Is it wave ii - or wave (ii) if you prefer the higher degree markings - and will it trace a bit higher in price before reversing in wave iii - or (iii) down? I'm too lazy to change the wave degree on the 5 minute chart below. Its probably best as wave (i) down and wave (ii) up. The 1 minute charts beneath shows the higher wave degrees.
First the SPX. gets a little sloppy on wave v
SPX hourly shows the best alternate count is that wave iv was a flat.