We could be at the start of wave iii of (iii) of [iii] down on the bearish Options, 1,2,4, and 5, or just in an [A]-[B]-[C] wave ii of (v) retracement on the bullish Option 3. Here's a close up on a 1 min chart showing the bullish and bearish counts for the decline from today's high:
SPX 1 min - count from 1088.96:
