21:56 BST - SPX Update Option 1

If you want a potentially really bearish count, here's one way of counting the rally today, assuming that the movement since the 25 May low at 1040.78 is a w-x-y rather than a-b-c:

5 min chart - Option 1 (In wave (ii) of [iii]:

It counts as a complete [A]-[B]-[C]  from the x wave low at 1042.17, to complete y of (ii) - though it has to be said that there is room for some more upside in wave (5) of [C], depending on how you count it on the very small time frames. At the moment, (5) is .886 x (1). It would be equal at about 1119,

If there is more upside on this count, the channel for wave [C] ought to contain it. If it breaks above the channel, a quick break back down into it and towards the lower line might provide some initial confirmation of this count.