If I apply the ending diagonal count to to the move up from 1039.70, again, until we take out 1118.88, there seems to be some risk of further upside if today's high was only wave [A] of y, with the move from today's high being wave [B] (perhaps in the form of a triangle as shown by the dotted line in the following chart):
SPX 1 min - ending diagonal complete or further leg up required:
Since I have wave (iii) of the diagonal starting at 1091.15 and ending at 1127.36, if wave (v) isn't yet over, its upside is limited by the length of wave (iii) - it has to be shorter. I have wave (v) starting at 1114.63, so that gives a maximum level for wave (v) at 1150.84.
So, as with the count for 5 waves up from 1039.70, until we start to see follow through to these downward moves (which takes out meaningful levels), the risk remains to the upside.
