Subjectively speaking, the current sell-off appears to be a 2nd wave pullback, probably ending / ended. Other options remain. See chart.
[210pm] SPX update
[1210pm] SPX/INDU update
Wave 5 (blue) is likely in progress in SPX (Chart 1) with the Dow potentially wedging (Chart 2).
[8am] ES update -
ES still making well-behaved waves. Wave 4 down (blue) is in progress, or a zigzag rebound (red) just completed. See chart.