The current upswing is most likely an impulse wave. Does it initiate a new upswing following a W-bottom (Chart 1 blue) or wave [c] of a bearish flat (Chart 1 red)? Chart 2 and Chart 3 update our weekend discussion and present how it fits into larger-degree scenarios.
[1055am] SPX update-
SPX is now above the blue and gray resistance lines (Chart 1), following two upward gaps. Let's see if there is a retest and gap fill. Squiggles are in Chart 2.