SPX seems to have descended in 3 waves since the 1220 high, A[1]. Looking for a 3-waver up towards 1140-1150, B[2] (and setup the right shoulder of the Head&Shoulders), before a possible 5-wave impulse down, C[3] into the 900s. Other variations are possible, but this, for now is my preferred scenario.
Very short-term hurdles at the red downtrendline, followed by 1100 level. A break below 1040 anytime, will bankrupt this projection.
All the best!