The stock market didn't gap up on Monday, and so it did not provide a strong statement that it is in the heart of a third wave based on Elliott Wave Theory. Yet the market also did not break through support, so the third wave thesis is still possible.
As the drop off Friday's high was a relatively clean corrective three-wave drop, we have to at least view alternative immediate bullish potential setups as reasonably probable as long as the S&P 500
Any breakout at this time over the 2215 region is strongly suggestive of a melt-up move to the 2250 region, as shown in the chart.
It will take a breakdown to less than 2194 on the S&P 500 to open the door to a larger-degree pullback before the market can continue in the bullish setup on the 60-minute chart. The market still has not made up its mind whether it wants to take the direct route to the 2280-2300 area or the indirect route with a bigger wave-2 pullback.