FX:SPX500   S&P 500 index of US listed shares
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Unless we get another leg down on the 4H chart, this correction remains a simple ABC corrective pattern. Five waves down, of course, sets the stage for a confirmed trend change.
Shorter term, the 1H chart shows a potential ABC up, unless it makes another high here prior to heading back toward the lows.

The count, as I have them here, shows a move back to the lows (in line with bearish sentiment on the weekend news), but falls short of making new lows. An expanded flat 4 would allow a move to new lows, while still carving out a wave 4, so still lots of possibilities.

I tend not to play 4's since they are not high probability patterns, so right now we wait for confirmation of preferred counts.

Short term action has now negated the possibility of a fifth wave down, as proposed on the 4h chart. On the 1h chart, we have 5 waves up, which has set the stage for further upside. With a 3 wave ABC down, and 5 up, I have to lean with a bullish short term view for now
updated picture
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