The second wave may have already finished today. If we decline below the wave [i] low at 1040 the third wave should be underway. A possible target is 950 but may be that's too bullish and we'll go down to sub 900.
Alternatively, today's top was only wave (w) of [ii] and the current decline wave (x). So, we could see another rally to 1120.
The ES is down almost 10 handles AH though so I think it's more likely that [ii] topped and [iii] is underway.
