It does look like 5 waves up off today's low - perhaps the first leg of a zig zag. Whether its a 4th wave or a 2nd wave, we'll have to wait and see (see my post from this morning as to what a bottom from yesterday's high might mean):
SPX 1 min chart:
Of course, it could also be labelled as one complete zig zag, an (X) wave and we're now into the second zig zag, in which case, we'd probably see another 5 waves up from about current levels (it shouldn't take out what would be the (X) wave low) rather than seeing more of a [B] wave pullback before another 5 waves up.
