Cash made a new low, but futures might have a date with that 1278.5 level.
Possibly channeling down for a fifth wave. Expect overthrow from this type of formation, which would serve as a trap for new shorts and a shakeout for weak longs.
Proposed 4th of 5 alternates with the 4th of larger degree in that the previous ABCDE was contracting, where this formation is expanding.
Risk reward is beginning to skew to the upside players in my mind. Wouldn't initiate shorts here, unless that's your style. Possibly a lower open but that's likely quickly bought.