If price continues to go up today, it could be the final push up to form wave (5) of the (C). So, this wave might be limited by the Fib61.8 of the retracement at 1397.40.

9.14am
The risk to short to follow the drop at open (no higher than 1392.76 made before the drop) is the possibility to form wave (4), then a rebound to form wave (5) at a high higher than 1392.76 - This is a perfect wave (C) (the numbering inside the wave (C) is different between my two charts) 
So in this case bears better target not further than 1380.00.

  
SPX
A strong counter trend rally according to the Elliott theory and it could be the final push up to form wave (5) of the (C). So, this wave might be limited by the Fib61.8 of the retracement at 1397.40.

Day trade:
Price continues to go up today: It may be too late to follow?
Price crosses down through 1390.00: It may be a sell for the targets [1376.30 - 1380.00].