After the spike above the melt-up channel, it reversed strongly and now broke below it. Which is a reversal, in my view. Lows at red "or 3/C" should be taken out before market makes another high above blue "2/B".
My preferred count is in blue - a complex flat for a 2/B wave, with 3/C down to follow.
In red the alt count is shown.
What is interesting is that the cycles over at mcm point to an important moment reached in the o/n. The currently painted high at 75 ES and ~83 SPX will be hard to be overtaken.