This video is of the process of developing an alternate Elliott wave count for the S&P 500, using the MotiveWave analysis platform, and shows the steps I go through and my train of thought.
If price moves above 91.99 my main wave count would be invalidated. This is the alternate I would use.
However, if the main wave count is invalidated I would want to do further work on finding new alternates, to consider all possibilities. At this stage the chart below is the highest probability alternate I can see. I may have more for you next week.
Click on the chart below to enlarge.
Alternate Oil Wave Count.