The primary near term count on stocks is that a small degree 4th wave ended at today's intraday low (Chart 1). The proposed 4th wave could develop into a more complex three (which is likely sideways), but it doesn't need to. The red labeled count in Chart 1 offers a bearish alternative.
We can count a five-up on the rebound from the day's low. We'll label it wave i of (v)-up for now (Chart 2).
It's important to keep an eye on the working version of the larger count (Chart 3 to the right).
[245pm]Count update (SPX)-
[1125am-1145am] Mid-day update (INDU, SPX)-
[720am, 845am] Overnight update (YM, ES)-