1) we're in a [i],[ii],(i),(ii),i,ii down from 1219; or
2) we completed wave [i] in 5 waves down from 1219 at the 1040.78 low (wave [iv] being unattractively outsized) and we are now retracing the whole of that drop in wave [ii]; or
3) we're in wave [iv] of a leading diagonal down from 1219.80. Wave [iv] must be a zig zag for this count to remain valid; or
4) we're completing an [X] wave from 1219.80 . We are still in [c] of a second zig zag down from 1219.80. Currently we are in (ii) of [c], so more downside to come before we rally above 1219.80; or
5) we completed an [X] wave at the 1040.78 low. We then moved up in wave [i] and the low of 1042.17 was the end of wave [ii]. We are now moving up in wave [iii] of a minor wave A.
Here's a 60 min chart of SPX showing options 1) - 3) above:
