SPX 60-min chart:
The pink wave count now calls for a pullback and then another leg up on Wednesday/Thursday to then be followed by a decline similar to the one from last Thursday to yesterday's low. The dark red wave count calls for a resumption of the selling following this bounce, with a drop below the 50% retracement at 750. In between is the dashed line that calls for a decline following the current bounce but only to equal the drop from last Thursday to yesterday's low, so a downside target near 753 (two equal legs down from last Thursday if it starts back down from the 805-806 area) which is also close to the 50% retracement.
Because we're in a corrective price pattern this is why I'm saying we need to play this one leg at a time and see where price takes us. Corrections are very difficult to predict in real time but at least after the pattern is near complete I should have a better feel for what the market is up to. In the meantime trade very carefully and keep in mind that flat is a position.