It is possible that it has completed wave "iii" and now in wave "iv" bounce --- as noted last week, the small bounce on Friday was not big enough for a wave iv. ES going back to 5000 would be a good signal that wave "iv" bounce is underway. Of course, if ES continues to move lower, it is simply the extension of wave iii
The resistance for this wave "iv" bounce is around 5120 to 5300. Let's see if it can break this resistance, or turn back to complete wave "v" lower.
Tomorrow should be highly volatile but I wont be suprised that market finds a way to complete all 5 waves tomorrow.
To convert ES future to SPX, you roughly remove 40 points from ES to calculate SPX value
