$SPX #SPX #S&P500 #Macro #Weekly
The huge A down, B up, C down structure that played out in between of 2000 and 2009 looks like a textbook (B) down of a wave ( 3 ) up:

Under that wave count there should be a very strong parabolic looking rally in a subwave ( C ) of wave ( 3 ) up off the Jan’2009 low:

And the good thing is that the subwave ( C ) of wave ( 3 ) up typically has a very clean five wave up subdivision.
We can envision two different paths leading S&P higher to the Red Box:
Scenario (1): SPX Daily: the Very Bullish and a Straightforward Path:

This straightforward scenario allows bulls to keep pushing higher until the next strong resistance at 5,209.
I shared that chart in TradingView.
Scenario ( 2 ): More Complex Path to the Red Box:

This push higher lacked a micro i up, ii down at the start and therefore I think that most likely its a false start of the accelerated part of the subwav e( c ) of wave ( iii ) up. Then we should be dealing with the subwave -b- up to be followed by a subwave -c- down (unfolding very bullish the Running Flat corrective a-b-c down structure).
I prefer the second path (Scenario (II).
See a saved count II in TradingView.
The immediate support is 4,802. To trigger the Scenario 2 that argues for a sharp drop bears need to push S&P under 4,802. Until that happens Bulls will be in control and they will be able to keep pushing SPX/ES higher in alignment with the Scenario (1).