SPX500/SPX update

The market moved and the move was deeper than expected. After the session on the bounce, I closed my longs and remain flat because there are 2 possible interpretations. I still adhere to grey one and think that the market is tracing something complex to complete the wave 4 (circled) and then it does the final run-up in wave 5 to finalise ABC pattern. I am concerned that so far 4rth wave is coming out as something steep which by the rule of an alteration should not be the case (2nd wave was steep enough).

However, the pink scenario is also possible. In the pink wave 4 (circled) came out shallow as expected, but the shape is not persuasive at all. Will keep watching it.