Below is the S&P 500 2-hourly chart, showing that the (b) wave we contended we were in from the Friday and weekend updates. It is now "deep enough in price" to have completed today. But ...
SP500 -2 Hourly Chart
... now the question is, "has the (b) wave down consumed enough time to be completed?". Today, that (b) wave got down to the 50% retrace level. But, the (a) wave up took twelve (12) candles, and the (b) wave, so far, only nine (9) candles. Price did close marginally outside the descending channel, but there are no upward overlaps as of yet.
For this reason, some real patience and continued flexibility is needed here. The NQ futures did make another new all-time high today.