SPX looks to be in Wave C of Flat structure (Elliott Wave)

FX:SPX500   S&P 500 Index
SPX             : Daily : Updated Count : W.(iv) continuation as a Flat or Triangle is playing out.
Moving down most likely as the Impulsive W.c of Flat W.(iv), meaning we have more downside remaining here.
Comment: Daily : Another possible scenario as mentioned by Hypo 2 would be of W.(iv) continuing as a Running Flat, even in that case more lower level is expected till the Yellow support level.
However given the Impulsive nature of this move this Hypo looks less likely atleast as of now :
Comment: SPX : 1H : Expected progression :
Comment: SPX : 15 min. : Expected progression : Triangle looks about complete, break below W.d can be taken as sell trigger :
Comment: SPX : 15 min. : Updated Count : Expecting down move for W.5 after break of red channel :
Comment: SPX : 1H : Moving in downward Impulse with the current price action being in Wave iv/4 of the same.
Now this Wave iv/4 may still be continuing as a Triangle formation in which case we will see sideways to bearish movement from here on in SPX.

Trading Strategy : Short with SL little above 2825.50.
Expected Move : Sideways to Bearish.