Elliott Wave views for the S&P 500

Tony Caldaro has a different view of the Elliott Wave count for the S&P 500 here, than what I've been thinking. So let's take a look at it. By the way, from his narrative (his site is always in my "other sites of interest" listed at the right of this page), he indicates this marking of the past few days' rally as a wave 4, is "for now" - I think it means he reserves the possibility that the 4th isn't done, but just thinking it is likely done. So, we can see from his chart (below) and narrative, that he is thinking Minor wave 4 is done and next comes its wave 5 down:

Now for what it is worth, the move down from about 875/877 would be equal to the wave he marks as wave 1 down, at 736.62. Since wave 3 can never be the shortest wave, then if Tony's marking turns out to be the correct Elliott Wave count, the fifth wave cannot extend below 645.

My personal thought is that, if the move down from 875/877 is a third wave, then I would think it should look more like a five-wave movement, and I kinda think it currently looks like a three-wave movement. So, if I were marking this using a numeric count, I'd tend to think the wave 4 that's might be done, is a smaller-level fourth wave that would lead to a fifth wave that would complete the wave 3.

Similarly, if the move down from 875/877 might be a C-wave which is more like what I'd been thinking, I'd look for that to be either an impulse five-wave movement ... in which case, ditto my comments in the paragraph above. Or, I'm looking for such a C-wave to be a diagonal, in which case I'd expect the rally pullback to extend higher up. But ... I can also agree that the shape of the recent drop into 742 doesn't quite have the "look" of setting up for a diagonal. So I'm not wedded to the diagonal idea.

Just my best thoughts from the Elliott Wave perspective on how the SPX is looking. I'll be the first to point out, of course, that I've been looking for the S&P 500 and DJIA to move significantly lower, as indicated by my monthly charts! So I'm definitely not standing in the way of the next drop.