Hypo 1(Yellow) : If this market goes above 2942 then that would mean that W.v of W.iii) is continuing as an Ending Diagonal.
Hypo 2 (Cyan) : On the other hand if we see a break below the Cyan channel straight from here then that would mean that we are in a W.iv) Flat type of correction.In case of H1, we will look for the Ending Diagonal to complete and then go short, in case of H2 the best strategy would be to wait for the completion of W.iv) and then go long for W.v)
Hypo 2 (Cyan) : On the other hand if we see a break below the Cyan channel straight from here then that would mean that we are in a W.iv) Flat type of correction.In case of H1, we will look for the Ending Diagonal to complete and then go short, in case of H2 the best strategy would be to wait for the completion of W.iv) and then go long for W.v)
Note
Hypo 2 : Wave iv continuation is the count that played out : Note
SPX : 1H : Updated Count : Expecting minimum two legs down : Note
SPX : 4H : Updated Count : W.iv) looks about complete, waiting for reversal to confirm the same : 
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Unmatched 80% plus forecast accuracy for 6 years : 50eyes.com/forecast-accuracy/
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.