An examination of the rebound off the recent low shows a 5-3-5 recovery (Chart 1), which implies wave ii/(b)-up ended at today's high or a new impulse is to subdivide higher (Chart 2). Chart 3 to the right shows the larger count. 
[1010 am] SPX update -
The focus is on the red (bearish 2/B-up) and green (bullish new impulse) counts. While still valid, the purple [iv]-up is effectively rejected. See 2nd chart below.
[730am] ES update -
Wave B, Wave 2 retrace or new impulse.
