corrective rally points to C-wave decline below 7400.
SPX rally from the low appears corrective — a C-wave decline targeting below 7400 remains the base case, but a 382 extension above 7700 would shift the count to bullish wave-3 structure.
The rally off the low lacks impulsive five-wave structure, suggesting it is a B-wave countertrend move. MACD has not reset, and futures have made a lower low, reducing the probability of a one-two advance. A break below 7400 would confirm the start of wave one of C; a 382 extension above 7700 would invalidate this bearish view.