The market started the first wave 1 down inside the wave 3, of C yesterday. It bottomed midday and bounced back up to erase about half the move, which is a wave 2, still inside wave 3 down. It might have already finished or it unfolds in an ABC up, which if it does the ABC we'll have the C unfold today.
And with the 2hr chart quite oversold it would not surprise me to see it unfold in an ABC, but either way the market does not look finished on the downside yet. After the wave 2 is done we should see the wave 3 of 3 of C happen, and that might be Thursday and/or Friday?
If so we'll finish the wave 4 and 5 of C next Monday, and we should be around the 5700 level I'd think... or we reach the FP on the SPY of 533.01? Hard to say which scenario plays out but I lean to toward the 5700 zone and the 5300 zone won't happen until February.
Have a Happy New Years Day tomorrow.
