|SP500 Cash (2-Day Chart) - Likely into Wave (3) of the Diagonal|
If you measure wave C of Intermediate Wave (2) downward, especially in the futures, then the measurement is C = 0.618 x A to the pip! The upward gap action suggests that the trend lines for the diagonal be redrawn until we know where wave Intermediate (3), and Intermediate (4) are placed.
In the after hours today, wave minute-e (circle-e) of the triangle was exceeded, higher, and even cash price has clearly entered the triangle again. So, it does suggest that upward movement may not be over, though it may be halting or tricky.
Remember, wave (3) in such a count should be an A,B,C zigzag higher. Wave (3) must at least make a marginal new high, and it must remain shorter than wave (1).
That's what the chart looks like at this time.