While the 8/15 to 9/1 decline was shallow it was very choppy, which is characteristic of corrections and did hit the time target. September - October are seasonally . S&P 500 latest Commitment of traders report shows that the Commercials have their largest short position in over a year.
A wave "5" rally may have begun, if there is a wave "5" it may not last very long and may not go beyond SPX 2200.
There is a high probability that the SPX could reach a major peak in a few trading days near SPX 2200.
If the SPX does not make a new 2016 high a break below SPX 2157 will open the door for a decline to at least SPX 2120.