S&P 500 ~ Intraday Update ~ 23 May 2012

Even though we haven't declined below last week's low yet the bearish count, I posted before the open, looks very good now:

It looks like we're about to complete five waves down from yesterday's high. These five waves could either be the complete wave (v) (as shown in the chart) or only wave i of (v). So depending on how the next rally looks like it's either the first or the second count.