SPX Hourly Count
The last trading week in August typically is a light volume week, which favors sideways to upward price action. For that reason, I’m less inclined to shout from the rooftops, “LOOK OUT BELOW!”

However, the counts are looking very bearish for the short term. Since the Minor 2 (blue) top, the market is impulsing down in 5-wave patterns and correcting up in 3-wave patterns. All signs point to a third of a third of a third wave lower coming shortly. Note that I have labeled Minor 2 as a double zig-zag rather than an ending diagonal.

Notes
This is a rough road map for the market movement I expect based on the rules of Elliot Wave Theory. There may be several valid counts at any given time, but I am only presenting what I consider the most likely count based on my own objective analysis.