Interesting S&P 500 development. See the blue circle, showing 3 waves down off the high.

In Elliott Wave 3 waves indicate correction, 5 waves indicate trend. Thus, if we break 4,200 the move becomes 5 waves. Indicating trend and strongly suggesting the red scenario.

My gut says 4,200 will hold, and a rip higher is imminent for the green scenario. Pairs well with a BTC blastoff. But the charts will tell us. Let's see.