Apart from the near term bullish count shown on the chart of Option 3 which has us retracing the whole decline from 1219.80, here's another way to count the second zig zag on the Options which have us retracing only the decline from 1131.23 (see the highlighted labels):
SPX 1 min - alternate double zig zag:
It shows only wave [A] of the second zig zag as complete and we would now be in wave [B] (which may have further downside to go). So, this is another reason why we can't just assume that a major decline has started.
