At first let's look at the count in Red which shows a 1)-2) -1-2-.1-.2 upside formation.
As per this count we have big upside left and SPX should see 2540 + levels after giving a small correction around 2509, hence as per this count we will wait to see the correction near the 2509 level and if we see a break above 2509 after the correction then we will initiate longs for higher targets.
Now let's take a look at the count in Yellow, which basically shows a Double structure that will have Wave W = Wave Y near the 2509 level.
In short both the and the count specify that we are about to see a correction near the 2509 level and hence this correction will determine the direction of the market from there on, if the correction is Impulsive then it might be the start of the new leg down and if the correction is simple 3 legs down not too deep then that will give us clue that more upside is still to be see.
Untill then the only trades that can be initiated are scalps for the small upside target of 2509.