_SPX e 60 min a - Chart Linkhere's another version of that chart mapping.  So once wave v completes if that's a wave (1) of a larger 5, then wave (2) should be a pretty good retracement

also some Elliot Wave Education :  notice the wave ii was an (abcde) 5 wave coil, while the wave iv was a simple zig zag abc 3-wave.  This is very company, where wave 2 consolidation and wave 4 consolidation are different. This is called ' theory of alternation', where both wave 2 and 4 won't be the same zig zag or coil, if one is a zig zag, generally the other is a coil and vice versa

now here's the deal guys, assuming that micro wave iv was put in yesterday, we should make new highs in wave v.  Note on the MACD price will set up a good MACD divergence on that wave v high.

this could be wave's i, ii, iii, iv, v of wave (1)

this is important because once we get that wave v completion of wave 1, then we should get a pretty hefty pullback in wave (2), at LEAST a 38% retracement of the whole move off the lows to the high of wave (1), if not 50%.  It won't be a tiny pullback like we just had.  Let's say this wave v of (1) tops out at 7250, a 38% retracement would be 6890, so something like 360 S&P 500 points.