From its recent bottom, SPX rose in 3 waves so far. Counting it as ABC we have A = C, a very common relationship in zigzags. The assumed zigzag stopped at the 0.786 retracement of the second leg of the decline. Wave C is countable as a diagonal, and we have a bearish divergence.
The question is: was this an ending diagonal with a sharp decline on the horizon? or was it a leading diagonal (as a nested 1-2, 1-2) preparing for a sharp rally after a correction? Impossible to tell but the world economics and the oil crisis, along with the break of the well-validated purple pitchfork makes me lean a bit more towards the former possibility and expect a sharp decline despite the Fed's stimulus. The NY open today should help further inform our educated guess as to where we may be heading