S&P500 has to check its air supply because it must decide whether it should dive until the bottom of the turquoise zone between 4251 and 4135 points immediately or rather return to 4275 points first for some fresh air. Whatever its decision will be, we expect the index to start into a new upwards movement after finishing wave ii in turquoise at the bottom of the turquoise zone or just below it at the latest. To accomplish this upwards movement directly, though, S&P500 must not slip below 4101 points. Otherwise, it would have to swim through the magenta zone between 4086 and 3980 points before rising up again. Still, there is a 40% chance that this could happen.
