Here's a close up of the move from the high of 1127.36 showing both bullish and bearish counts:
SPX 1 min - bullish and bearish counts for the move from 1127.36:
The initial move down today looks impulsive; the rally from there looks overall corrective but that doesn't rule out an impulse in development as shown by the alternative labelling.
Basically, we could go either way at the moment - the levels to watch for both counts are on the chart.
