A daily close back above 4400 would suggest the current correction is complete for the S&P 500, according to Tony Sycamore, Elliott Wave specialist and Market Analyst for City Index:
The S&P 500 is currently undertaking a correction after its strong run higher. The sell-off from the late September 4472 high is viewed as the third leg (Wave c) of a three-wave correction from the 4549.50 high (see Chart). The “ideal” wave equality target for Wave c is around 4215, where signs of stabilising and a base would be expected before resumption of the uptrend. A break and daily close back above 4400 would provide further evidence the correction is complete. Thus it will be necessary to watch for signs of basing around 4215 to confirm the correction from the 4549.5 high is complete.