Seems there is a consensus among bloggers about an imminent bounce when most of indicators are in oversold territory.
When T2108 is under 20, It is highly probable we'll see a rebound. The price of SPX is just an inch above the important support zone and I expect to see a bounce next Monday or Tuesday. The bounce this time will be strong enough to keep indexes in green.
My Trading Plan
I expect next contact of price with lower line of the descending channel (violet) would be the end of Wave 3. So a contact with the lower-line would be a BUY with awareness that this is a high-risk/reward trade.
A safer trade setting would be waiting for price to break out the upper-line of the channel before a BUY.
1320.xx (Fib38.2) may be safe for bulls in case of a bounce.