Even with e-mini futures up 5.5 at this writing, it's not a good looking bounce. I would like to see it higher before selling it, possibly around 1945 on the S&P cash. The current structure appears as if 1900ish could be possible before a larger bounce.
This chart was posted on Stocktwits/Twitter Friday afternoon.
Even if the above scenario works out, this chart below is still possible until 1814.36 breaks (the lower rail would simply shift lower), but would look best if price stayed above 1900 or so.
In other words, until the market voids a developing an upward-moving wave structure, it's still a potential correction no matter how bad it looks.
Otherwise, the warning signs are everywhere. After the Friday's close, there was this gem from the FT -- "Yacht sales at highest level since the financial crisis."