The rebound into the close is best counted as a small degree wave 2/B rebound with further decline to come (Chart 1, blue and red counts). The rebound has the potential to fill today's open gap.
The green count in Chart 1 shows the bullish squiggles.
Chart 2 shows how these squiggle counts fit into the larger count.
On a separate note, today's low rests on multiple technical support levels.
[1225pm] SPX update -
SPX has traced out a visual five wave decline from Friday's high (Chart 1). Chart 2 shows how it fits into the larger wave structure. Note that this morning's low conveniently rests on a "base channel" boundary.
[830am] ES update -
Month end.
