The SPX opened higher on Friday and then sold off. So, as pointed out on Friday morning we may have completed five waves from the low at around 1160.
This morning though we're back near the Friday highs so we have to watch what happens after the open today. If we break above 1260/65 we might go much higher, else this could be just a retest of the recent highs followed by another sell-off to ~1240 (i.e. something similar to what happend in mid October). As said last week, we might see only a small correction followed by another move up into end of year (similar to October).