I believe the market put in five waves down off the 4/27 higher and broke down out of the rising wedge.
Near term, all count options point to a quick bounce (maybe to 1400 or the bounce could already be complete) before one more leg down at minimum. If you are following the pink and bearish count, it would be more than that, however, all options may be looking for a test of the 20 day SMA at 1386.
1386 also represents a 38% retracement of the 4/23 leg up.
The alternate view near term is that the rally leg off 4/23 only completed a wave 4 today. See the 5 min chart below.
|SPX - 15 Min|
|SPX - 5 Min Alt|
|SPX - Bear case|
|SPX - Daily Bollinger Bands|
|SPX - Hourly Bollinger Bands|