This would be the way I'd count this action for the bearish case, but on the slightly more bullish case (shown here) where the decline from today's high is wave (B) in a zig zag, it would, currently, be a zig zag for wave (B). If we can make a clear 5 waves down and take out 1039.83, that would certainly increase confidence in the main bear count:
SPX 1 min close up:
As long as we stay above 1039.83, the risk of more upside remains.
