Elliott Wave Analysis of the S&P-500 ES futures contract by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

The most recent whipsaw may be complete, and I think the S&P is getting close to starting into a move back to the bottom of the recent range. The fact that a large WXY combination correction can count as complete, (or nearly so), leaves those holding long equity positions in a high risk situation at this time, in my opinion.