Its possible we've had 5 waves down, but its possible also to count it as corrective - its certainly moved like a corrective wave rather than an impulse:
SPX 1 min - 5 waves down from 1144.86?
I've labelled a possible ending diagonal for wave 5, but it could develop into an impulse if things are really getting bearish.
If we've had 5 waves down for the start of a larger down move, obviously, we have to stay below 1144.86 on the next move back up. If we're in wave (4) of [5] up, we need to stay above the wave (1) of [5] high at 1131.47.
