The question from my corner on this is whether that 5-wave impulse was "C of 4", a much larger correction on the reflation rally since 2011 (year), or whether we topped at the beginning of December, 2015, with an ending-diagonal that simply ran out of gas and "failed" to make a new high.
The bearish case is completely plausible, but rests on a failed 5th wave, starting, I would score it, at 2104 SPX.
|SPX bearish count|
We still have a few weeks of relief rally and games in store, before we need to pay attention again in mid-March.
The fall event would likely get us to long-term support in the low-800s SPX, the trendline up from the 1987 crash lows through the 2009 crash lows.